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Trend analysis (Figure 1).
Today, from the level of 1.2206 (the closing of yesterday's daily candle), the market will try to continue moving up to reach the historical resistance level at 1.2234 (blue dotted line). Upon reaching this level, continue to work up with the target of 1.2274 which is a rollback level of 85.4% (yellow dashed line).
Figure 1 (daily chart).
Comprehensive analysis:
General Conclusion:
Today, the price may continue to move up to reach the historical resistance level of 1.2234 (blue dotted line). Upon reaching this level, continue to work up with a target of 1.2274 which is a rollback level of 85.4% (yellow dotted line).
Alternative Scenario: The price will move up and reach the historical resistance level of 1.2234 (blue dotted line). After testing this level, work down with a target of 1.2172 which is a rollback level of 23.6% (red dotted line).
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