Trend Analysis (Fig. 1)
On Wednesday, from the level of 1.1673 (yesterday's daily candle close), the market may continue moving upward toward 1.1697 – the 76.4% retracement level (yellow dotted line). Upon testing this level, the price may continue rising toward 1.1731 – the 85.4% retracement level (yellow dotted line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
Indicator analysis – upward;Fibonacci levels – upward;Volumes – upward;Candlestick analysis – downward;Trend analysis – upward;Bollinger Bands – upward;Weekly chart – upward.Overall conclusion: Upward trend.
Alternative scenario: From the level of 1.1673 (yesterday's daily candle close), the price may continue moving upward toward 1.1697 – the 76.4% retracement level (yellow dotted line). Upon testing this level, the price may retrace downward toward 1.1689 – the historical support level (blue dotted line).