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On Wednesday, the pair bounced off the 76.4% retracement level, 1.2101 (yellow dotted line), and moved down. It tested the 38.2% retracement level, 1.2063 (red dotted line), and closed the daily candlestick at 1.2062. As per the economic calendar, news is expected at 13.30 and 17.05 UTC (USD). Upward work is likely.
Trend analysis (Fig. 1).
On Thursday, the market from the level of 1.2062 (closing of yesterday's daily candle) may start moving up with the target of 1.2101 – the 76.4% retracement level (yellow dotted line). When testing this level, it is possible to continue working up with the target of 1.2172 - the resistance level (blue bold line).
Fig. 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
On Thursday, the market from the level of 1.2062 (closing of yesterday's daily candle) may start moving up with the target of 1.2101 – the 76.4% retracement level (yellow dotted line). When testing this level, it is possible to continue working up with the target of 1.2172 - the resistance level (blue bold line).
Unlikely scenario: from the level of 1.2061 (closing of yesterday's daily candle), the pair may continue to move down with the target of 1.1975 – the 50% retracement level (red dotted line). From this level, it is possible to work upwards.
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