After breaking through the support line 1.0791 (red bold line), the pair went on an upward pullback movement. Upon moving up, the price tested the pullback level of 38.2% (red dashed line). Today, the market may continue to move up. Strong calendar news for the dollar is expected at 14:30 and 18:00 UTC.
Trend analysis (Fig. 1).
Today, from the pullback level of 23.6% – 1.0858 (red dashed line), the pair may continue to move up with the target of 1.0913 – the pullback level of 38.2% (red dashed line). If this level is reached, the upward work will continue with the target of 1.0958 – a pullback level of 50.0% (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
– Indicator analysis – up;
– Fibonacci levels – up;
– Volumes – up;
– Candlestick analysis – up;
– Trend analysis – up;
– Bollinger lines – down;
– Weekly schedule – up.
General conclusion:
Today, the price may continue to move up with the target at 1.0958 – a pullback level of 50.0% (red dashed line).
An unlikely scenario: from a pullback level of 50.0% – 1.0893 (blue dashed line), work down with the target at the support line 1.0784 (red bold line).
The material has been provided by InstaForex Company – www.instaforex.com
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