Trend analysis (Fig. 1).
Today, the market from the level of 1.3988 (closing of yesterday's daily candlestick) will try to continue moving up with the target of 1.4015 – the upper fractal (daily candlestick from 04.03.2021). When this level is reached, the price may continue to move up with the target of 1.4217 - the historical resistance level (blue dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion:
Today, the price from the level of 1.3988 (closing of yesterday's daily candlestick) will try to continue moving up with the target of 1.4015 – the upper fractal (daily candlestick from 04.03.2021). When this level is reached, the price may continue to move up with the target of 1.4217 - the historical resistance level (blue dotted line).
Alternative scenario: from the level of 1.3988 (closing of yesterday's daily candlestick), the price will try to start moving down with the target of 1.3831 – the support line (the red bold line). When this line is reached, the price may continue to move up with a target of 1.3944 – the 85.4% retracement level (yellow dotted line). Upon reaching this line, the price will continue to move up.
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