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The pair traded sideways on Monday, then went up to 21-day EMA at 1.3771 (thin black line), and then traded down to the 61.8% level at 1.3728 (red dotted line), closing the daily candle at 1.3755. Today, the price may move upward. Based on the economic calendar, news is expected at 14:00 UTC (dollar).
Trend analysis (Fig. 1).
The market may continue to move upward from the level of 1.3755 (closing of yesterday's daily candlestick) with the target of 1.3835 - the 61.8% retracement level (blue dotted line). When testing this level, a rollback downward is possible.
Fig. 1 (Daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may continue to move upward from the level of 1.3755 (close of yesterday's daily candlestick) with the target of 1.3835 - the 61.8% retracement level (blue dashed line). When testing this level, a rollback downward is possible.
Alternative scenario: from the level of 1.3755 (closing of yesterday's daily candlestick), the price may continue to move upward with the target of 1.3800 - the historical resistance level (blue dotted line). When testing this level, a downward pullback is possible with the target of 1.3769 - the 14.6% retracement level (yellow dashed line).
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