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The pair traded upward on Tuesday and tested the retracement level of 75.4% at 1.3891 (yellow dotted line), then went down, closing the daily candle at 1.3803. Today, the market may continue its upward movement. News is expected at 14:30 UTC (dollar).
Trend analysis (Fig. 1).
The market may continue to move upward from the level of 1.3803 (closing of yesterday's daily candle) with the target of 1.3891 - the 76.4% retracement level (yellow dashed line). In the case of testing this level, the upward movement may continue with the target of 1.3926 - the 85.4% retracement level (yellow dashed line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Weekly chart - up;
- Bollinger lines - up.
General conclusion:
Today, the price may continue to move upward from the level of 1.3803 (closing of yesterday's daily candle) with the target at 1.3891 - the 76.4% retracement level (yellow dashed line). In the case of testing this level, the price may continue to move upward with the target of 1.3926 - the 85.4% retracement level (yellow dashed line).
Alternative scenario: the price may move upward from the level of 1.3803 (closing of yesterday's daily candle) with the target of 1.3836 - the 61.8% retracement level (yellow dashed line). In the case of testing this level, the price may begin to move down with the target of 1.3800 - the historical support level (blue dotted line).
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