Trend analysis (Fig. 1).
Today, the market will try to continue its upward movement from the level of 1.2148 (closing of yesterday’s daily candle) in order to reach the historical resistance level of 1.2234 (blue dotted line). After reaching this level, further work upward is possible with the target of 1.2348, the upper fractal (daily candle from 06.01.2021).
Figure 1 (Daily Chart).
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – up;
- Bollinger lines – up;
- Weekly chart – up.
Today, the price may continue to move upwards in order to reach the historical resistance level 1.2234 (blue dotted line). Upon reaching this level, further work upward is possible with the target of 1.2348, the upper fractal (daily candle from 06.01.2021).
Unlikely scenario: when the price moves up and reaches the resistance level 1.2172 (blue bold line), further work downward is possible, with the target of 1.2063, the 38.2% retracement level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.