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The pair traded upwards on Thursday but once again failed to break through 1.2360 - a 50% pullback level (presented in a blue dotted line). Today, the price will again try to test this level and if successful, a downward pullback is possible. Economic calendar news for the dollar is expected at 15:00 UTC.
Trend analysis (Fig. 1).
Today, an upward trend is possible from the level of 1.2230 (closing of yesterday's candle) with the target of 1.2360 - a 50.0% retracement level (presented in a blue dashed line). Upon reaching this level, a downward pullback is possible with the target of 1.2298 - a 23.6% retracement level (presented in a red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - neutral;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price may move upwards from the level of 1.2230 (closing of yesterday's candle) with the target of 1.2360 - a 50.0% retracement level (presented in a blue dashed line). Upon reaching this level, a downward pullback is possible with the target of 1.2298 - a 23.6% retracement level (presented in a red dashed line).
Another possible scenario is a continuous upward trend upon breaking through 1.2360 - a 50.0% rollback level (presented in a blue dashed line).
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