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Yesterday, the euro/dollar pair was supposed to move up according to technical analysis, but the news coming out at 9.00 and 14.00 UTC changed the trend and the market, working out this foundation, went down and tested the 21 EMA - 1.2164 (black thin line). The market closed the daily candlestick at 1.2172. Today, the market will try to start moving upwards from the level of 1.2172. And as per the economic calendar, news is expected at 14.30 UTC (dollar).
Trend analysis (Fig. 1).
Today, the market from the level of 1.2172 (closing of yesterday's daily candlestick) will try to start moving upwards with the target of 1.2234 - the historical resistance level (blue dotted line). If this level is tested, the upward movement may continue with the target at 1.2266 - the upper fractal (red dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price from the level of 1.2172 (closing of yesterday's daily candlestick) will try to start moving upwards with the target of 1.2234 - the historical resistance level (blue dotted line). If this level is tested, the upward movement may continue with the target at 1.2266 - the upper fractal (red dotted line). And upon breaking this level, it is possible to continue moving upward with the target of 1.2274 - the 85.4% retracement level (yellow dashed line).
Alternative scenario: from the level of 1.2172 (closing of yesterday's daily candlestick), it will try to continue moving down with the target of 1.2133 - the 23.6% retracement level (red dotted line). In case of testing this level, it may start moving upward with the target at 1.2234 - the historical resistance level (blue dotted line).
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