Trend analysis (Fig. 1).
The euro-dollar pair may move upward from the level of 0.9963 (close of yesterday’s daily candle) to 1.0040, the 76.4% retracement level (blue dotted line). When testing this level, a downward pullback is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis – up;
- Fibonacci levels – up;
- volumes – up;
- candlestick analysis – up;
- trend analysis – up;
- Bollinger bands – down;
- weekly chart – up.
General conclusion:
Today, the price may move upward from the level of 0.9963 (close of yesterday’s daily candle) to 1.0040, the 76.4% retracement level (blue dotted line). When testing this level, a downward pullback is possible.
Alternatively, the price may move downward from the level of 0.9963 (close of yesterday’s daily candle) to 0.9880, the 38.2% retracement level (red dotted line). Upon reaching this level, an upward movement is possible with the target of 0.9944, the 61.8% (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
