Trend analysis (Fig. 1).
Today, the market will try to continue moving up from the level of 1.2070 (the closing of yesterday’s daily candle) to reach the pullback level of 76.4% at 1.2101 (yellow dotted line). After reaching this level, further work up with the target of 1.2262 which is the level of 161.8% (blue dotted line).
Figure 1 (daily chart)
- Indicator Analysis – up
- Fibonacci Levels – up
- Volumes – up
- Candle Analysis – up
- Trend Analysis – up
- Bollinger Bands – up
- Weekly Chart – up
Today, the price may continue to move up to reach the pullback level of 76.4% at 1.2101 (yellow dotted line). After reaching this level, further work up with the target of 1.2262 which is the level of 161.8% (blue dotted line).
Alternative scenario: When moving up and reaching the pullback level of 76.4% at 1.2101 (yellow dotted line), the price may start moving down to the pullback level of 14.6% at 1.2012 (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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