Trend analysis (Fig. 1).
The market may move up on Wednesday from the level of 1.3539 (close of yesterday's daily candle) to 1.3598, the 61.8% retracement level (blue dotted line). In case of testing this level, the price may continue to move up to the target level of 1.3645, the resistance line (bold yellow line), where the price may start to move down.
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Weekly chart - up;
- Bollinger Bands – up.
General conclusion:
The price may move up from the level of 1.3539 (close of yesterday's daily candle) to 1.3598, the 61.8% retracement level (blue dotted line). In case of testing this level, the price may continue to move up to the target level of 1.3645, the resistance line (bold yellow line), where the price may start to move down.
Unlikely scenario: from the level of 1.3539 (close of yesterday's daily candle), the price may start to move up to 1.3598, the 61.8% retracement level (blue dotted line). In case of testing this level, the price may move downwards to the target level of 1.3523, the 38.2% retracement level (red dotted line).