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On Friday, the pair tested the upper fractal 1.1146 (presented in a red dashed line) then traded downwards closing 45 points below. Today, the price may continue to move up. Economic calendar news for the euro is expected at 07:55 UTC, and for the dollar at 14:00 UTC.
Trend analysis (Fig. 1).
Today, the upward trend may continue from the level of 1.1101 (closing of the Friday afternoon candle) with the target at the upper fractal 1.1146 (presented in a red dashed line). From this level, the price may begin to move downwards with the target of 1.1072 - a 14.6% retracement level (presented in a red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price may continue to move upward with the target at the historical resistance level of 1.1151 (presented in a blue dashed line). From this level, the price may begin to move downwards with the target of 1.1072 - a 14.6% retracement level (presented in a red dashed line). Upon reaching this level, an upward pullback is possible.
Another possible scenario is an upward trend from the historical resistance level 1.1151 (presented in a blue dashed line) with the target of 1.1169 - a 61.8% pullback level (presented in a blue dashed line). Upon reaching this level, the upward trend may continue.
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