Trend analysis (Fig. 1).

Today, the market may continue to move upward from the level of 1.3280 (closing of last Friday’s daily candlestick) with the target of 1.3322 – the resistance line (white bold line). When testing this line, upward movement should be continued with the goal of 1.3436 – the target level of 161.8% (blue dotted line).

analytics5fbb59ab26a11.jpg

Figure 1 (Daily chart).

Comprehensive analysis:

  • Indicator analysis – up;
  • Fibonacci levels – up;
  • Volumes – up;
  • Candlestick analysis – down;
  • Trend analysis – up;
  • Bollinger bands – up;
  • Weekly chart – up.

General conclusion:

Today, the price may continue to move upward with the target of 1.3322 – the resistance line (white bold line). When testing this line, upward movement should be continued with the goal of 1.3436 – the target level of 161.8% (blue dotted line).

Alternative scenario: from the level of 1.3280 (closing of last Friday’s daily candlestick), the price may continue to move up with the target of 1.3322 – the resistance line (white bold line). When testing this line, work downward with the goal of 1.3234 – a 14.6% pullback level (red dotted line).

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

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