Trend analysis (Fig. 1).
Today, from the historical support level of 1.1292 (blue dotted line) the price may begin to move up with the first target at the support line 1.1348 (white bold line). From this line, it is possible to continue the upward movement with the target of 1.1458, a retracement level of 38.2% (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, from the historical support level of 1.1292 (blue dotted line) the price may begin to move up with the first target at the support line 1.1348 (white bold line). Upon reaching this line, the continuation of the upward movement is possible with the target of 1.1458, a retracement level of 38.2% (red dashed line).
An unlikely scenario: from the support line 1.1350 (white bold line), work down with the target of 1.1223, a pullback level of 38.2% (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com