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Trend Analysis (Fig. 1).
On Thursday, the market, from the level of 1.1491 (yesterday's daily candle close), may continue moving upward toward the target of 1.1534 – the 14.6% retracement level (yellow dotted line). When testing this level, the price may pull back downward toward 1.1516 – the 76.4% retracement level (blue dotted line).
Fig. 1 (Daily Chart).
Comprehensive Analysis:
Overall conclusion: upward trend.
Alternative scenario: On Thursday, the market, from the level of 1.1491 (yesterday's daily candle close), may start moving upward toward the target of 1.1556 – a historical resistance level (blue dotted line). When testing this level, the price may pull back downward toward 1.1534 – the 14.6% retracement level (yellow dotted line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
