Yesterday, the pair moved up and almost tested the upper limit of the Bollinger line indicator 1.3870 (black dotted line). After that, it went down and closed the daily candle at 1.3831. Today, the price may continue to work up. As per the economic calendar, news for the dollar is expected at 13.30, 16.00, 19.00 UTC.

Trend analysis (Fig. 1).

On Thursday, the market from the level of 1.3831 (closing of yesterday’s daily candle) may continue to move up with the target of 1.3902 – the upper limit of the Bollinger line indicator (black dotted line). When testing this line, it is possible to continue working up with a target of 1.3944 – the 85.4% retracement level (yellow dotted line).

analytics6024ddbbd0042.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 from the level of 1.3831 (the closing of yesterday’s daily candle) can continue to move up with the target of 1.3902 – the upper limit of the Bollinger line indicator (black dotted line). When testing this line, it is possible to continue working up, with a target of 1.3944 – the 85.4% retracement level (yellow dotted line).

Unlikely scenario: from the level of 1.3931 (closing of yesterday’s daily candle), the price may continue to move up with the target of 1.3865 – the upper fractal (daily candle from 02/10/2021). When testing this level, it is possible to work downwards, with a target of 1.3738 -13 average EMA (yellow thin line).

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

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