The pair traded downward on Thursday and broke through the support level of 1.2879 (red bold line) then tested the historical support level of 1.2769 (white dashed line). Today, the price may move upward. Economic calendar news for the dollar is expected at 12:30 UTC.
Trend analysis (Fig. 1).
The market may move upward from the level of 1.2806 (closing of yesterday's daily candle) with the target at the resistance level of 1.2889 (red bold line). When this level is reached, the price may continue to move upward with the next target at the level of 1.3019 - a 76.4% pullback (blue dashed line).
Figure: 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 move upward from the level of 1.2806 (closing of yesterday's daily candle) with the target at the resistance level of 1.2889 (red bold line). When this level is reached, the price may continue to move upward with the next target at the level of 1.3019 - a 76.4% pullback (blue dashed line).
Another possible scenario is upon testing the resistance level of 1.2889 (red bold line), the price may begin to move downward with the target at the level of 1.2721 - a 61.8% pullback (blue dotted line).