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The pair moved upward on Tuesday, but it did not manage to reach the pullback level of 61.8% - 1.1168 (red dashed line), and after an unsuccessful upward attempt, the price went down. Moving down, it was not able to overcome the lower pullback level of 38.2% - 1.0953 (blue dashed line). The bulls, on the other hand, managed to gain 106 points up. Today, the upward movement may continue. Strong calendar news for the euro is expected at 07:55 UTC, and for the dollar at 12:15, 14:00 and 14:30 UTC.
Trend analysis (Fig. 1).
Today, the pair will continue to move down, with the target of 1.0953, a pullback level of 38.2% (blue dotted line), but this will depend on the news. An upward movement is possible with the first target of 1.1067, a pullback level of 50.0% (red dashed line). If this level is reached, the continuation of the upward movement is with the target of 1.1168, a retracement level of 61.8% (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price will try to continue to move up after a small pullback down (before the news).
An unlikely scenario: from a pullback level of 38.2% - 1.0953 (blue dashed line) work down, with a target of 1.0993, a pullback level of 50.0% (blue dashed line).
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