The pair traded downward on Friday and almost tested 1.1690 - a 38.2% pullback level (blue dotted line). Today, the price may move up. According to the economic calendar, dollar news is expected at 14:00 UTC.
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1719 (closing of Friday's daily candlestick) with the target of 1.1766 - a 38.2% pullback level (red dotted line). If this line is tested, the upward movement may continue with the next target at 1.1814 - a 50.0% pullback level (red dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price may move upward with the target of 1.1766 - a 38.2% pullback level (red dotted line). If this line is tested, the upward movement may continue with the next target at 1.1814 - a 50.0% pullback level (red dashed line).
Another possible scenario: from the level of 1.1719, the price may move upward with the target at 1.1766 - a 38.2% pullback level (red dotted line). Upon testing this level, the price may move downward with the target at the support level 1.1660 (black bold line).
The material has been provided by InstaForex Company - www.instaforex.com
No comments:
Post a Comment