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).

analytics6035f4125dc93.jpg

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

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

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