Trend analysis (Fig. 1).
Today, from the level of 1.2169 (the closing of Friday's daily candle), the market will move up and test the historical resistance level at 1.2234 (blue dotted line). If this level is tested, the price may continue to move up with a target of 1.2274 which is a pullback level of 85.4% (yellow dotted line).
Figure 1 (daily chart).
Comprehensive Analysis:
- Indicator Analysis – up
- Fibonacci Levels – up
- Volumes – up
- Candle Analysis – up
- Trend Analysis – up
- Bollinger Bands – down
- Weekly Chart – up
General Conclusion:
Today, from the level of 1.2169 (the closing of Friday's daily candle), the price may move up and test the historical resistance level at 1.2234 (the blue dotted line). If this level is tested, the price may continue to move up with a target of 1.2274 which is a pullback level of 85.4% (yellow dotted line).
Alternative scenario: From the level of 1.2169 (the closing of Friday's daily candle), the price may start moving down to the historical support level at 1.2073 (the blue dotted line). If this level is tested, the price may continue to move down with the target of 1.2053 which is the lower fractal (the daily candle from 18/01/2021).
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