On Friday, the pair went down significantly on the news, testing the pullback level of 61.8% - 1.2285 (blue dashed line), but eventually returned to its original position. On Monday, strong calendar news is expected at 18.00 London time (dollar). Also today, a downward movement is possible.
Trend analysis (Fig. 1).
On Monday, the price from the pullback level 38.2% - 1.2334 (blue dashed line) will move down, with the target 1.2285 - the pullback level 61.8% (blue dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - neutral;
- trend analysis - down;
- Bollinger Lines - down;
- weekly schedule - down.
General conclusion:
On Monday, the price may begin to roll back down.
The first lower target of 1.2285 is a pullback level of 61.8% (blue dashed line).
The main target for today is 1.2254 which is the pullback level of 76.4% (blue dashed line).
An unlikely scenario is an upward movement to the upper fractal - 1.2357.
