Last Friday, the pair pushed off from the upper fractal of 1.2158 (daily candlestick from 10.12.2020) and went down, closing above the pullback level of 14.6% - 1.2093 (red dotted line). Today, the price may continue to move up. According to the economic calendar, news is not expected on Monday.
Trend analysis (Fig. 1).
Today, the market may continue to move up from the level of 1.2111 (closing of last Friday's daily candlestick), with the upper target of 1.2177 - the resistance level (blue bold line). If this level is tested, we can expect the continuation of the upper work with the target of 1.2274 - the pullback level of 85.4% (yellow dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger bands - up
- Weekly chart - up
General conclusion:
Today, the price may continue to move up with the target of 1.2177 - the resistance level (blue bold line). If this level is tested, we can expect the continuation of the upper work with the target of 1.2274 - the pullback level of 85.4% (yellow dotted line).
Alternative scenario: from the level of 1.2121 (closing of last Friday daily candlestick), the pair may move downward to reach the pullback level of 14.6% - 1.2093 (red dotted line). If this level is tested, we can expect the continuation of the upper work with the target of 1.2177 - the resistance level (blue bold line).
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