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The euro/dollar pair moved up yesterday, but the outgoing news transferred this trend to a sideways channel. Upon moving up and testing the retracement level of 14.6% - 1.1874 (blue dashed line), the price went down (working out the news). The market closed the daily candlestick at 1.1862. Today, the price may continue to move upward. And as per the economic calendar, news at 9.00 UTC (euro) and 14.00 UTC (dollar).
Trend analysis (Fig. 1).
Today, the market from the level of 1.1862 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target of 1.1915 - the 23.6% retracement level (blue dotted line). Once the price tests this level, it may continue to move upward with the target at 1.1982 - the 38.2% retracement level (blue dashed line). And when this level is reached, a rollback downward is possible.
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price from the level of 1.1862 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target of 1.1915 - the 23.6% retracement level (blue dotted line). Once the price tests this level, it may continue to move upward with the target at 1.1982 - the 38.2% retracement level (blue dashed line). And when this level is reached, a rollback downward is possible.
Alternative scenario: the price from the level of 1.1862 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target at 1.1913 - 13 EMA (yellow thin line). The price, upon testing the said line, may start working downwards with the target at 1.1811 - the lower fractal (blue dashed line).
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