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On Friday, the price goes down and tested the support line of 1.1065 (blue bold line). At 15.00 London time, very bad news came out on the dollar and in combination with a rebound from the support line, the market rallied upwards, almost testing the pullback level of 50% – 1.1159 (yellow dashed line). Today, strong news calendar is expected at 09.00 London time (euro) and 13.30 London time (dollar).
Trend analysis (Fig. 1).
On Monday, the upward movement may continue with the target of 1.1181 – a pullback level of 61.8% (yellow dotted line). The probability of breaking the line up is high, and then the next target of 1.1208 is the retracement level of 76.4% (yellow dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volume – up;
- Candlestick analysis – up;
- Trend analysis – up;
- Bollinger Bands – up;
- Weekly chart – up.
General conclusion:
On Monday, an upward movement is possible.
Unlikely scenario – the downward movement with the target of 1.1109 – a pullback level of 50.0% (blue dashed line).
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