Trading Conditions
Products
Tools
Trend analysis (Fig. 1).
On Monday, the market from the level of 1.3834 (closing of last Friday's daily candlestick) may continue to move upward with the target of 1.3882 - the 38.2% retracement level (blue dotted line). After testing this level, it may continue working upwards with the target of 1.3948 - the 50.0% retracement level (blue dashed line). And upon reaching this line, it is likely to rise with the target of 1.4013 - the 61.8% retracement level (blue dashed line).
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price from the level of 1.3834 (closing of last Friday's daily candlestick) may continue to move upward with the target of 1.3882 - the 38.2% retracement level (blue dotted line). After testing this level, it may continue working upwards with the target of 1.3948 - the 50.0% retracement level (blue dashed line). And upon reaching this line, it is likely to rise with the target of 1.4013 - the retracement level of 61.8% (blue dashed line).
Unlikely scenario: from the level of 1.3834 (closing of last Friday's daily candlestick), the price may start moving down to the target set at 1.3724 - the support line of the ascending channel (red bold line). After testing this level, it is possible to continue working upwards with the target of 1.3801 - the 23.6% retracement level (blue dashed line).
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.