The pair tested the historical resistance of 1.1811 (blue dotted line) on Monday then went down to the retracement level of 14.6% at 1.1788 (red dotted line), closing the daily candle at 1.1795. Today, the price may continue to move up. Based on the economic calendar, news is expected at 07:55 and 09:00 UTC (euro) and 14:00 UTC (dollar).

Trend analysis (Fig. 1).

The market may continue to move upward from the level of 1.1795 (closing of yesterday's daily candlestick) with the target of 1.1851 - a 76.4% retracement level (blue dotted line). Upon testing this level, the price may continue to move upward with the target at 1.1873 - the 85.6% retracement level (blue dashed line).

Fig. 1 (Daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - up;

- Weekly chart - up.

General conclusion:

Today the price may continue to move upward from the level of 1.1795 (closing of yesterday's daily candlestick) with the target of 1.1851 - the 76.4% retracement level (blue dashed line). Upon testing this level, the price may continue to move upward with the target at 1.1873 - the 85.6% retracement level (blue dashed line).

Alternative scenario: the price may continue to move upward from the level of 1.1795 (closing of yesterday's daily candlestick) with the target at 1.1851 - the 76.4% retracement level (blue dashed line). Upon testing this line, the price may begin to move downwards with the target of 1.1807 - the 14.6% retracement level (yellow dashed line).