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The pair continued to move in the side channel on Tuesday and initially moved up the market and re-tested the pullback level of 38.2% which is equivalent to 1.1146 presented in a blue dashed line. After that, the market rolled back down reaching the pullback level of 50% which is at 1.1112 presented in a red dashed line. Strong calendar news for the dollar is expected today at 13:30 and 15:30 UTC. Expected to continue to work up.
Trend analysis (Fig. 1).
The price may continue to move up today with the first target 1.1146, the retracement level of 38.2% presented in a blue dotted line. Upon reaching this line, the next goal will be a pullback level of 50.0% equivalent to 1.1164 presented in a blue dashed line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
An upward trend is possible today.
An unlikely, but quite possible scenario is from level 21 of the average EMA which is at 1.1132 presented in a black thin line, the price goes down to the support line 1.1094, presented in a white bold line.
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