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Trend analysis (Fig. 1).
On Wednesday, the price is trying to go up to the 1.3830 resistance line of the descending channel (the blue bold line) from the closing level of yesterday's daily candlestick, 1.3748. If the pair tests this line, the upward trend may extend to the 1.3882 target - the 38.2% retracement level (the blue dotted line). In case the price reaches this line, the upward trend is likely to extend to the 1.3948 target - the 50% retracement level (the blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - upward trend;
- Fibonacci analysis - upward trend;
- volume analysis - upward trend;
- candlestick analysis - upward trend;
- trend analysis - upward trend;
- Bollinger bands analysis - upward trend;
- weekly analysis - upward trend.
Conclusion:
Today, the price is trying to go up to the 1.3830 resistance line of the descending channel (the blue bold line) from the closing level of yesterday's daily candlestick, 1.3748. If the pair tests this line, the upward trend may extend to the 1.3882 target - the 38.2% retracement level (the blue dotted line). In case the price reaches this line, the upward trend is likely to extend to the 1.3948 target - the 50% retracement level (the blue dotted line).
Alternatively, the price may try to rise to the 1.3830 resistance line of the descending channel (the blue bold line) from the closing level of yesterday's daily candlestick, 1.3748. If the pair tests this line, the price may go down to the lower fractal located at 1.3668 (the blue dotted line). If the price tests this level, it may go up to the 1.3750 target - the 14.6% retracement level (the blue dotted line).
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