Trend analysis (Fig. 1).

On Tuesday, the market from the level of 1.3735 (closing of yesterday’s daily candlestick) will attempt to continue moving upwards to the target set at 1.3773 – the resistance line of the ascending channel (red bold line). After testing this line, it is likely to continue rising with a target of 1.3840 – the resistance line of the descending channel (blue bold line). And upon reaching this line, it may continue to work upward.

analytics60753edb1c7ca.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 from the level of 1.3735 (closing of yesterday’s daily candlestick) will attempt to continue moving upwards to the target set at 1.3773 – the resistance line of the ascending channel (red bold line). After testing this line, it is likely to continue rising to the target set at 1.3840 – the resistance line of the descending channel (blue bold line). And upon reaching this line, it may continue to work upward.

Unlikely scenario: from the level of 1.3735 (closing of yesterday’s daily candlestick), the pair will try to continue moving upwards with a target of 1.3773 – the resistance line of the ascending channel (red bold line). After testing this line, it may decline to the target set at 1.3668 – the lower fractal (blue dashed line). And upon testing this level, it is possible to work upwards with a target of 1.3750 – the 14.6% retracement level (red dashed line).

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

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