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Trend analysis (Fig. 1).
The euro-dollar pair may move upward from the level of 1.0318 (close of yesterday's daily candle) to the upper fractal at 1.0368 (blue dotted line). After testing this level, the price may move downward with the target of 1.0270, the 23.6% retracement level (blue dotted line). Upon reaching this level, an upward movement is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.0318 (close of yesterday's daily candle) to the upper fractal at 1.0368 (blue dotted line). After testing this level, the price may move downward with the target of 1.0270, the 23.6% retracement level (blue dotted line). Upon reaching this level, an upward movement is possible.
Alternative scenario: from the level of 1.0318 (close of yesterday's daily candle), the price may move downward to 1.0270, the 23.6% retracement level (blue dotted line). After testing this level, continued downward movement is possible with the target of 1.0240, the 21-period EMA (thin black line). When testing this level, the price may move up.
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