On Friday, there is no expected strong calendar news and the market will work on technical analysis.
Trend analysis (Figure 1).
On Thursday, the price continued to move downward, testing the retracement level of 38.2%. On Friday, an upward movement is possible. A complex analysis will more accurately determine where the price will go next.
Fig. 2 (daily chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- volumes - upwards;
- candlestick analysis - up;
- trend analysis - down;
- Bollinger lines - down;
- Weekly schedule - down.
General conclusion:
On Friday, it is possible to move upward with the first target of 1.3616 on the upper fractal.
The material has been provided by InstaForex Company - www.instaforex.com
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