Trend Analysis (Fig. 1)On Thursday, the market may start moving upward from the 1.3191 level (the close of yesterday's daily candle) with a target of 1.3225 – the 85.4% retracement level (yellow dotted line). From this level, the price may possibly roll back downward toward 1.3140 – the lower fractal (yellow dotted line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
Indicator analysis – upward
Fibonacci levels – upward
Volumes – upward
Candlestick analysis – upward
Trend analysis – upward
Bollinger Bands – upward
Weekly chart – upward
Overall conclusion: Upward trend.
Alternative scenario:From the 1.3191 level (the close of yesterday's daily candle), the price may start moving upward toward 1.3225 – the 85.4% retracement level (yellow dotted line). From this level, the price may possibly roll back downward toward 1.3089 – the 161.8% target level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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Fig. 1 (Daily Chart)
Comprehensive Analysis:
Overall conclusion: Upward trend.
Alternative scenario:From the 1.3191 level (the close of yesterday's daily candle), the price may start moving upward toward 1.3225 – the 85.4% retracement level (yellow dotted line). From this level, the price may possibly roll back downward toward 1.3089 – the 161.8% target level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com