Trend Analysis (Fig. 1).On Thursday, the market may continue its upward movement from the 1.3237 level (yesterday's daily candle close), targeting 1.3282, the 38.2% retracement level (blue dashed line). From this level, the price may possibly roll back downward toward 1.3232, the historical resistance level (blue 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:From the 1.3237 level (yesterday's daily candle close), the price may continue moving upward, targeting 1.3282, the 38.2% retracement level (blue dashed line). From this level, the price may possibly roll back downward toward 1.3193, the 5-period EMA (thin red 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:From the 1.3237 level (yesterday's daily candle close), the price may continue moving upward, targeting 1.3282, the 38.2% retracement level (blue dashed line). From this level, the price may possibly roll back downward toward 1.3193, the 5-period EMA (thin red line).
The material has been provided by InstaForex Company - www.instaforex.com