The pair moved down on Thursday and broke the support line 1.2979, presented in a red bold line, also tested the lower fractal 1.2921, presented in a white bold line. Today, strong calendar news for the dollar is expected at 13:30 UTC. A possible upward movement, with the first target of 1.3033, the retracement level of 38.2% presented in a red dashed line. Much will depend on the news.
Trend analysis (Fig. 1).
Today, from the support level of 1.2921, presented in a white bold line, it is possible to move up with the first target at 1.3033, the pullback level of 38.2% presented in a red dashed line. If this level is reached, a continuation of upward movement with the target of 1.3067, the pullback level of 50.0% presented in a red dashed line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price may start to move up.
An unlikely but quite possible scenario is from the support level 1.2921, presented in a white bold line, work down with the target 1.2885, the pullback level 50.0% presented in a yellow dashed line.