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The pair continued to move down yesterday while testing the support line for the downward channel at 1.0995, presented in a red bold line. After that, the price went up. Today, strong calendar news for the euro is expected at 08:55 UTC and for the dollar at 13:30 UTC. On Thursday, a retraceable upward movement is possible.
Trend analysis (Fig. 1).
An upward movement is possible today with the first target of 1.1029, the retracement level of 14.6% presented in a blue dashed line. Upon reaching this level, continue to work upward with the goal of 1.1052, the retracement level of 23.6% presented in a blue dashed line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
An upward movement is expected today with the first target of 1.1029, the retracement level of 14.6% presented in a blue dashed line.
An unlikely but possible scenario is from the level of 1.1013, yesterday's closing candle, the price will go down to the support line 1.0994, presented in a red bold line, and then work up.
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