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The pair moved down on Wednesday, testing the pullback level of 38.2% - 1.1052 (red dashed line), but there weren't enough bears for more, and the price went up after testing. Today, the price will have an attempt to break up the resistance line again. On Thursday, strong calendar news is expected at 12.30 Universal time (Euro) and at 13.30 and 15.00 Universal time (dollar). On Thursday, the upward movement may continue.
Trend analysis (Fig. 1).
On Thursday, the level of 1.1084 - the resistance line (red bold line) will be a control point. If the price does not break through this level, then there will be work down to a pullback level of 38.2% - 1.1053 (red dotted line), and from this level, there is a great opportunity to work up. If they break through the resistance line and then work up with the first target 1.1108 that is a retracement level of 61.8% (blue dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
-Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - neutral;
- Bollinger Lines - down;
- Weekly schedule - down.
General conclusion:
On Thursday, upward movement is possible.
If they break through the resistance line, then work up with the first target 1.1108 is a retracement level of 61.8% (blue dashed line). If successful, the next upper target 1.1136 is a retracement level of 76.4% (blue dashed line).
In the case of the lower scenario - work down to a pullback level of 38.2% - 1.1052 (red dashed line), and from this level, there is a great opportunity to work up.
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