The pair traded upward yesterday and tested the pullback level of 38.2% - 1.1720 (blue dotted line). Early this morning, due to high volatility (the market reaction to the news on the US presidential election), the price initially went up, testing the 50% pullback level - 1.1751 (blue dotted line), and then went down, testing the lower border of the Bollinger lines 1.1602 (black dotted line). The price may continue to move upward. Economic calendar news is expected at 13.15, 15.00, and 15.30 UTC (USD).
Trend analysis (Fig. 1).
Today, the market from the support level of 1.1622 (white bold line), can continue to move upward with the goal of 1.1683 – a pullback level of 23.6% (blue dotted line). If this line is tested, further upward work is possible with the goal of 1.1720 - a pullback level of 39.2% (blue dotted line).
Figure 1 (Daily chart).
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger bands - up
- Weekly chart - up
General conclusion:
Today, the price may continue to move upward with the goal of 1.1683 - a pullback level of 23.6% (blue dotted line). If this line is tested, further upward work is possible with the goal of 1.1720 - a pullback level of 39.2% (blue dotted line).
Unlikely scenario: upon moving down and reaching the support level - 1.1622 (white bold line), the price may start moving up to the pullback level of 14.6% - 1.1660 (blue dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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