Trend analysis (Fig. 1).

Today, from the level – 1.1874 (closing of yesterday’s daily candlestick), the market will try to continue moving upward with the goal of 1.1894 – an 85.4% pullback level (blue dotted line). If this level is tested, work upward to the level of 1.1920 – the upper fractal (red dotted line). If this succeeds, further work upward to 1.1948 historical resistance level (blue dotted line).

analytics5fb73564c9a91.jpg

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, from the level of – 1.1874 (closing of yesterday’s daily candlestick), the price will try to continue moving upward with the goal of 1.1894 – an 85.4% pullback level (blue dotted line). If this level is tested, work upward to the level of 1.1920 – the upper fractal (red dotted line). If this succeeds, further work upward to 1.1948 historical resistance level (blue dotted line).

Alternative scenario: when moving upward and testing the pullback level of 85.4% – 1.1894 (blue dotted line), the pair may start moving down with the target of 1.1844 – a 23.6% pullback level (red dotted line).

The material has been provided by InstaForex Company – www.instaforex.com

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