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The pair traded downward on Wednesday and tested the support level 1.1775 (white thick line). After this, the price went up. Today, the upward trend may continue. Economic calendar news for the euro is expected at 11:45, 12:30, and 17:00 UTC, and for the dollar at 12:30 and 15:00 UTC.
Trend analysis (Fig. 1).
The market may continue to move upward from the level of 1.1805 (closing of yesterday's daily candle) with the target at the historical resistance level of 1.1912 (blue dotted line). If this level is tested, the price may continue to move upward with the next target at the upper fractal at 1.2012 (red dotted line).
Figure: 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 market may continue to move upward from the level of 1.1805 (closing of yesterday's daily candle) with the target at the historical resistance level of 1.1912 (blue dotted line).
Another possible scenario is from the level of 1.1805 (closing of yesterday's daily candle), the price may continue to move upward with the target of 1.1819 - a 21 EMA (black thin line). If this level is tested, the price may move downward with the target at the support level 1.1775 (white thick line).
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