Trend analysis (figure 1).
Today, the market will try to continue going up from the level of 1.2161 (closing of yesterday's daily candle) to reach the historical resistance level of 1.2234 (blue dotted line). After reaching this level, it will further go up with the target of 1.2277 at the pullback level of 85.4% (yellow dotted line).
Figure 1 (daily chart).
Comprehensive Analysis:
- Indicator Analysis - up
- Fibonacci Levels - up
- Volumes - up
- Candle Analysis - up
- Trend Analysis - up
- Bollinger Bands - up
- Weekly Chart - up
General Conclusion:
Today, the price may continue to go up to reach the historical resistance level of 1.2234 (blue dotted line). After reaching this level, it will further go up with the target of 1.2277 at the pullback level of 85.4% (yellow dotted line).
Alternative scenario: when going up and reaching the historical resistance level of 1.2234 (blue dotted line), the price may start going down to the support level of 1.2177 (blue bold line).
The material has been provided by InstaForex Company - www.instaforex.com