On Wednesday, the price worked out the bottom of 1.1532, but the market closed above support line 1.1565. On Thursday, bears will try to overcome this line.
Trend analysis (Figure 1).
Market tries to breakthrough the support line of 1.1566 for the fifth time. Today, the bears will most likely hit the support line at 1.1566 and will go down towards the first goal of 1.1511 in the lower fractal level.
Fig. 1 (daily chart).
Complex analysis:
- indicator analysis - down;
- Fibonacci levels - neutral;
- volumes - upwards;
- candle analysis - neutral;
- trend analysis - up;
- Bollinger lines - up;
- Weekly schedule - up.
General conclusion:
On Thursday, the market will move down with the first goal 1.1511 in the lower fractal level (blue dotted line).
