Trend analysis (fig. 1).
Today, the pair may approach the target level of 1.1613 –the Fibonacci retracement level of 23.6% (blue dotted line), rising from 1.1498 (the closing of yesterday's intraday candlestick. After testing this level, the price could touch the target level of 1.1643, which is the historical resistance level (blue dotted line). After reaching this level, the price is likely to retreat to 1.1560, the Fibonacci level of 261.8% (red dotted line).
Fig. 1 (daily chart).
Complex analysis:
- indicator analysis – up;
- Fibonacci levels – up;
- trading volumes – up;
- candlestick analysis – up;
- trend lines analysis – up;
- Bollinger lines – up;
- weekly chart up.
Conclusion:
Today, the pair may approach the target level of 1.1613 – the Fibonacci retracement level of 23.6% (blue dotted line), rising from 1.1498 (the closing of yesterday's intraday candlestick. After testing this level, the price could touch the target level of 1.1643, which is the historical resistance level (blue dotted line). After reaching this level, the price is likely to retreat to 1.1560, the Fibonacci level of 261.8% (red dotted line).
Alternatively, the price could appreciate to 1.1613 (blue dotted line) - the Fibonacci level of 23.6% - from the level of 1.1498 (the closing of yesterday's daily candle). After that, it will go down to 1.1560, the Fibonacci level of 261.8% (red dotted line). After testing this level, the price is likely to maintain its upward movement.