The pair continued to move up on Thursday, testing the 50% retracement level for the second time at 1.1164 presented in a blue dotted line. But the news that came out at 13:30 UTC forced the market to go down. Strong calendar news for the euro is expected today at 10:00 UTC, and for the dollar at 13:30 and 15:00 UTC. Expect a continuation of work up.
Trend analysis (Fig. 1).
In order to continue moving up today, the price must overcome the pullback level of 50.0% which is equivalent to 1.1164 presented in a blue dotted line. Only in this case can the market continue to move up with the target 1.1182, the pullback level 61.8% presented in a blue dotted line. Upon reaching this line, the next goal will be at 1.1205 which is a 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 38.2% which is equivalent to 1.1146 presented in a blue dashed line, the price goes down to the lower fractal at 1.1105.
The material has been provided by InstaForex Company - www.instaforex.com