Trend analysis (fig. 1).
Today, the pair may rise to the target level of 1.2446, the upper fractal (yellow dotted line) from 1.2399, the closing of yesterday's daily candlestick. When testing this level, the price could touch 1.2472, the historical resistance level (blue dotted line).
Fig. 1 (daily chart).
Signals of technical indicators:
- indicator analysis– up;
- Fibonacci retracement levels – up;
- trading volumes – up;
- candlestick analysis – up;
- trend analysis – up;
- Bollinger lines – up;
- weekly chart-up.
Conclusion
Today, the pair could decline to the target level of 1.2357, a pullback level of 14.6% (blue dotted line) from 1.2399 (the closing of yesterday's daily candlestick). When testing this level, it may grow to 1.2444, the upper fractal (yellow dotted line).
Alternatively, the pair is likely to drop to the 5 average EMA 1.2372 (red thin line) from 1.2399, the closing of yesterday's daily candlestick. When testing this level, the quotes may approach 1.2472, the historical resistance level (blue dotted line).