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According to the news, the pair continued to move up on Thursday and tested the upper fractal 1.1181 presented in a blue dashed line, however, it closed at the historical resistance level of 1.1165 presented in a blue dashed line. On Friday, strong calendar news is expected for the dollar at 13:30 Universal time. Also for this day, the market can roll back.
Trend analysis (Fig. 1).
On Friday, the price may continue to move up to test the retracement level of 61.8% which is equivalent to 1.1209 presented in a blue dashed line, and after that, the pair can go down with the first lower target of 1.1176 the retracement level of 14.6% presented in a red dashed line. If successful, the next lower target 1.1156 is a retracement level of 23.6% presented in a red dashed line. Much will depend on the news that comes out at 13:30 Universal time.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
On Friday, the price may continue to move up.
There is an unlikely scenario where from the level of 1.1201, the price may go down to the lower target 1.1123 the retracement level of 38.2% presented in a red dashed line.
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