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On Tuesday, the pair moved down, failed to reach the resistance line – 1.2037 (red bold line), and after that, the price went up. On Wednesday, the pair will try to continue moving up. Strong calendar news is expected at 15:00 London time, 15:30 London time, and 19:00 London time (dollar).
Trend analysis (Fig. 1).
On Wednesday, the price may continue to move up with the first target of 1.2192 – 21 average EMA (black thin line).
Fig. 1 (daily chart).
Complex analysis:
- Indicator analysis – down;
- Fibonacci levels – up;
- Volumes – up;
- Candle analysis – up;
- Trend analysis – down;
- Bollinger bands – down;
- Weekly schedule - up.
General conclusion:
On Wednesday, the price may continue to move up with the first target of 1.2192 – 21 average EMA (black thin line).
Unlikely scenario: a downward movement with target of 1.2064 – lower fractal.
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