Trend analysis (Fig. 1).
The market may move up on Wednesday from the level of 1.1257 (closing of Tuesday's daily candle) with the target at 1.1305, the 23.6% retracement level (blue dotted line). After testing this level, the price may continue to move upward with the target at 1.1320, the 21-day EMAs (black thin line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
The price may move up from the level of 1.1257 (closing of Tuesday's daily candle) with the target at 1.1305, the 23.6% retracement level (blue dashed line). After testing this level, the price may continue to move upward with the target at 1.1320, the 21-day EMAs (black thin line).
Unlikely scenario: the price may move down from the level of 1.1257 (closing of Tuesday's daily candle) with the target at 1.1186, the lower fractal (blue dotted line). The price may continue to move up upon testing this level.