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The pair continued to move down yesterday while testing the support line for the downward channel at 1.1002, presented in a red dotted line. After that, the price went up. Today, strong calendar news for the dollar is expected at 15:00, 15:30, 19:00 and 19:30 UTC. The Fed will most likely keep interest rates unchanged. After the news, a pullback movement is possible.
Trend analysis (Fig. 1).
A descending side-channel is possible today until 19:00 UTC and afterward, an upward movement is expected with the first target 1.1034, the retracement level of 14.6% presented in a blue dashed line. Upon reaching this level, a continuation of work up is possible with the goal of 1.1066, the retracement level of 23.6% presented in a blue dotted line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly schedule - up.
General conclusion:
An upward movement is expected today after 19:00 UTC with the first target of 1.1034, the retracement level of 14.6% presented in a blue dashed line.
An unlikely but possible scenario is from the level of 1.1024, yesterday's closing candle, the price will go down to the support line 1.0993, presented in a red bold line, and then work up.
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