Trend analysis (Fig. 1).
In order to continue moving up today, the price must overcome the upper fractal 1.1164 presented in a blue dashed line. Only after this can the market continue to move up with the target 1.1182, the retracement level of 61.8% presented in a blue dashed line. Upon reaching this line, the next goal will be at 1.1205, the retracement level of 76.4% presented in a blue dashed line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
An upward trend is possible today.
An unlikely, but quite possible scenario is from a pullback level of 50.0% which is equivalent to 1.1164 presented in a blue dashed line, the price will go down to a pullback level of 50.0% equivalent to 1.1112 presented in a red dashed line.
The material has been provided by InstaForex Company - www.instaforex.com