On Wednesday, the market may begin moving upward from the 1.3146 level (yesterday's daily candle close) toward the target of 1.3232 — a historical resistance level (blue dashed line). When testing this level, the price may pull back downward toward 1.3217 — the 21-day EMA (black thin line).
Fig. 1 (Daily Chart)
Comprehensive Analysis
Indicator analysis – upward;
Fibonacci levels – upward;
Volume – upward;
Candlestick analysis – upward;
Trend analysis – upward;
Bollinger Bands – upward;
Weekly chart – upward.
General conclusion: upward trend.
Alternative Scenario
On Wednesday, the market may begin moving upward from the 1.3146 level (yesterday's daily candle close) toward the target of 1.3217 — the 21-day EMA (black thin line). When testing this line, the price may pull back downward toward 1.3178 — the 23.6% retracement level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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Trend Analysis (Fig. 1)
On Wednesday, the market may begin moving upward from the 1.3146 level (yesterday's daily candle close) toward the target of 1.3232 — a historical resistance level (blue dashed line). When testing this level, the price may pull back downward toward 1.3217 — the 21-day EMA (black thin line).
Fig. 1 (Daily Chart)
Comprehensive Analysis
General conclusion: upward trend.
Alternative Scenario
On Wednesday, the market may begin moving upward from the 1.3146 level (yesterday's daily candle close) toward the target of 1.3217 — the 21-day EMA (black thin line). When testing this line, the price may pull back downward toward 1.3178 — the 23.6% retracement level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com