The pair traded downward on Thursday and tested the support level 1.1758 (white bold line), then the price moved up by 111 points. Today, the upward trend may continue. No news is expected as per the economic calendar.
Trend analysis (Fig. 1).
The market may continue to move upwards from the level of 1.1850 (closing of yesterday's daily candlestick) with the target at the historical resistance level 1.1912 (blue dotted line). In case of testing this line, the upward trend may continue with the next target at the upper fractal 1.2012 (red dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may move upward from the level of 1.1850 (closing of yesterday's daily candlestick) with the target at the historical resistance level 1.1912 (blue dotted line). In case of testing this line, the upward trend may continue with the next target at the upper fractal 1.2012 (red dashed line).
Another possible scenario: upon testing the historical resistance level 1.1912 (blue dashed line), the price may move down with the target of 1.1813 - a 23.6% pullback level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com