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).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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