The pair continued to move upward yesterday and broke through the pullback level of 50.0% equivalent to 1.3041 (red dotted line). Today, strong calendar news for the dollar is expected at 13:30 UTC. A possible continuation of upward movement with the first target 1.3081, the retracement level of 61.8% (red dashed line).
Trend analysis (Fig. 1).
Today, from the pullback level of 50.0% which is equivalent to 1.3041 (red dashed line), it is possible to move upward with the target 1.3081, the retracement level of 61.8% (red dashed line). If this level is reached, there is a rollback down with the target 1.3007, the support line (red bold line).
Fig. 1 (daily chart).
– Indicator analysis – up;
– Fibonacci levels – up;
– Volumes – up;
– Candlestick analysis – down;
– Trend analysis – up;
– Bollinger Lines – up;
– Weekly schedule – up.
Today, the price may continue to move up.
An unlikely, but quite possible scenario is from a retracement level of 50% equivalent to 1.3041 (red dashed line), work down with a target of 1.3007, the support line (red bold line).
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