Trend Analysis (Fig. 1).On Thursday, the market may continue moving upward from the 1.1594 level (yesterday's daily candle close), aiming for 1.1608 — the historical resistance level (blue dashed line). When testing this level, the price may roll back downward toward 1.1575, the 23.6% retracement level (yellow dashed line).
Fig. 1 (Daily Chart).
Composite Analysis:
Indicator analysis — upward
Fibonacci levels — upward
Volumes — upward
Candlestick analysis — upward
Trend analysis — upward
Bollinger Bands — upward
Weekly chart — upward
Overall conclusion: Uptrend.
Alternative Scenario:On Thursday, the market may continue upward from the 1.1594 level (yesterday's daily candle close), targeting 1.1608, the historical resistance level (blue dashed line). When testing this level, the price may roll back downward toward 1.1556, the historical support level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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Fig. 1 (Daily Chart).
Composite Analysis:
Overall conclusion: Uptrend.
Alternative Scenario:On Thursday, the market may continue upward from the 1.1594 level (yesterday's daily candle close), targeting 1.1608, the historical resistance level (blue dashed line). When testing this level, the price may roll back downward toward 1.1556, the historical support level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com