Trend analysis (Fig. 1).
The euro-dollar pair may move downward from the level of 0.9873 (close of yesterday’s daily candle) to 0.9840, the 14.6% retracement level (red dotted line). When testing this level, an upward movement is possible to 0.9913, the 76.4% retracement level (blue dotted line). From this level, the price may continue to move up with the target of 0.9945, the 85.4% retracement level (blue dotted line).
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 downward from the level of 0.9873 (close of yesterday’s daily candle) to 0.9840, the 14.6% retracement level (red dotted line). When testing this level, an upward movement is possible to 0.9913, the 76.4% retracement level (blue dotted line). From this level, the price may continue to move up with the target of 0.9945, the 85.4% retracement level (blue dotted line).
Alternatively, the price may move downward from the level of 0.9873 (close of yesterday’s daily candle) to 0.9817, the 23.6% retracement level (red dotted line). When testing this level, an upward movement is possible to 0.9913, the 74.6% retracement level (red dotted line). From this level, further upward movement is possible.
The material has been provided by InstaForex Company – www.instaforex.com
