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The pair traded upward on Thursday, and tested 1.1842 - the 38.2% retracement level (yellow dotted line), closing the daily candle at 1.1824. Today, the upward movement may continue. News is expected at 09:30 UTC (euro), and 12:30 UTC (dollar).
Trend analysis (Fig. 1).
The market may continue to move upward from the level of 1.1824 (closing of Thursday's daily candle) with the target at 1.1842 - the 38.2% retracement level (yellow dashed line). After testing this level, the upward movement may continue with the next target of 1.1855 - the 50% retracement level (yellow dashed line).
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 1.1824 (closing of Thursday's daily candle) with the target at 1.1842 - the 38.2% retracement level (yellow dashed line). After testing this level, the upward movement may continue with the next target of 1.1855 - the 50% retracement level (yellow dashed line). The upward movement will continue upon testing this level.
Alternative scenario: from the level of 1.1824 (closing of Thursday's daily candle), the price may move downward with the target of 1.1802 - the lower fractal (yellow dashed line). After testing this level, an upward pullback is possible with the target at 1.1842 - the 38.2% retracement level (yellow dashed line).
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