Trend analysis (Fig. 1).
On Wednesday, the price may continue to move down to a pullback level of 61.8% - 1.2195 (red dashed line) again. From this level, it is possible to move up to the pullback level 38.2% - 1.2279 (blue dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - down;
- candlestick analysis - up;
- trend analysis - down;
- Bollinger Lines - down;
- weekly schedule - up.
General conclusion:
On Wednesday, the price may continue to move up.
At the beginning, we have the downward movement to the pullback level of 61.8% - 1.2195 (red dashed line), and then from this level, the upward movement with the target of 1.2279 - the pullback level of 38.2% (blue dashed line) is possible.
An unlikely scenario is from a pullback level of 61.8% - 1.2195 (red dashed line) moving down to the lower boundary of the Bollinger line indicator - 1.2153 (blue dashed line).
