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The pair traded downward on Wednesday and tested 1.2646 - a 23.6% pullback level (red dotted line) and then went up, almost closing at the opening point. Today the price is likely to continue its upward movement. Economic calendar news for the dollar is expected at 12:30 UTC.
Trend analysis (Fig. 1).
The market may begin to move upward from the level of 1.2735 (closing of yesterday's daily candle) with the target at the upper fractal 1.2768 (red dotted line). If this level is broken upwards, the next target will be at the succeeding upper fractal 1.2813 (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today the price may begin to move upwards with the target at upper fractal 1.2768 (red dotted line). If this level is broken upwards, the next target will be at the succeeding upper fractal 1.2813 (blue dotted line).
Another possible scenario is a downward trend after reaching the upper fractal 1.2768 (red dotted line) with the target at 1.2693 - a 14.6% pullback level (red dotted line).
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