Trend Analysis (Fig. 1).On Friday, from the level of 1.3069 (yesterday's daily candle close), the market may begin moving upward with the target of 1.3113 – the 14.6% pullback level (blue dashed line). When testing this level, a downward pullback is possible with a target of 1.3098 – the 8-period EMA (thin blue line).
Alternative scenario:From the level of 1.3069 (yesterday's daily candle close), the price may begin moving upward with a target of 1.3148 – a historical resistance level (blue dashed line). When testing this level, a downward pullback movement is possible with a target of 1.3113 – the 14.6% pullback level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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Fig. 1 (daily chart).
Comprehensive Analysis:
Alternative scenario:From the level of 1.3069 (yesterday's daily candle close), the price may begin moving upward with a target of 1.3148 – a historical resistance level (blue dashed line). When testing this level, a downward pullback movement is possible with a target of 1.3113 – the 14.6% pullback level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com