The pair traded upward on Tuesday and tested 1.1839 - the 50% retracement level (yellow dashed line), then rolled back down, closing the daily candle at 1.1802. Today, the market may move up. News is expected at 14:30 UTC (dollar).
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1802 (closing of yesterday's daily candle) with the target of 1.1823 - the 38.2% retracement level (yellow dashed line). When testing this level, the upward movement may continue with the next target at 1.1839 - the 50% retracement level (yellow dashed line). Upon reaching this level, a downward rollback 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 move upward from the level of 1.1802 (closing of yesterday's daily candle) with the target of 1.1823 - the 38.2% retracement level (yellow dashed line). When testing this level, the price may continue to move up with the target at 1.1839 - the 50% retracement level (yellow dashed line). Upon reaching this level, a downward rollback is possible.
Alternative scenario: the price may move upward from the level of 1.1802 (closing of yesterday's daily candle) with the target at 1.1811 - the historical resistance level (blue dashed line). When testing this level, the price may begin to move downward with the target at 1.1770 - the lower fractal (yellow dashed line), where an upward pullback may form.