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The pair traded upward on Wednesday, attempting to break through the resistance at 1.3797 (red bold line), and then went down, closing the daily candle at 1.3764. Today, the price may continue to move upward. Based on the economic calendar, news is expected at 12:30 UTC (dollar).
Trend analysis (Fig. 1).
The market may move upward from the level of 1.3764 (closing of yesterday's daily candle) with the target of 1.3803 - the resistance line (red bold line). When testing this line, the upward movement may continue.
Fig. 1 (Daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may move upward from the level of 1.3764 (closing of yesterday's daily candle) with the target of 1.3803 - the resistance line (red bold line). When testing this line, the upward movement may continue.
Alternative scenario: from the level of 1.3764 (closing of yesterday's daily candle), the price may continue to move upward with the target at 1.3803 - resistance line (red bold line). Upon reaching this line, the price may move downward with the target of 1.3776 - the 14.6% retracement level (yellow dashed line).
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