Trend analysis (Fig. 1).
The euro-dollar pair may move upward from the level of 0.9748 (close of yesterday’s daily candle) to 0.9788, the 38.2% retracement level (blue dotted line). When testing this level, continued upward movement is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis – up;
- Fibonacci levels – up;
- volumes – up;
- candlestick analysis – up;
- trend analysis – up;
- Bollinger bands – up;
- weekly chart – up.
General conclusion:
Today, the price may move upward from the level of 0.9748 (close of yesterday’s daily candle) to 0.9788, the 38.2% retracement level (blue dotted line). When testing this level, continued upward movement is possible.
Alternatively, the price may move downward from the level of 0.9748 (close of yesterday’s daily candle) to the lower fractal at 0.9730 (the daily candle from 11/3/2022). Upon reaching this level, an upward movement is possible with the target of 0.9788, the 38.2% retracement level (blue dotted line). When testing this level, the price may continue to move up.
The material has been provided by InstaForex Company – www.instaforex.com
