The pair on Wednesday moved in the side channel. An attempt to break down the lower fractal 1.1004 was unsuccessful, and the price of the day closed at 1.1008. On Thursday, strong calendar news is expected at 13.30, 15.00 and 15.30 UTC + (dollar). On Thursday, the downward movement may continue to the pullback level of 1.0995 and then work up.
Trend analysis (Fig. 1).
On Thursday, the market can continue to move down to a retracement level of 61.8% - 1.0995 (red dashed line), and from this level, there is a great opportunity to work up with the first target 1.1023 - a retracement level of 14.6% (blue dashed line). If successful, the next upper target 1.1040 is a retracement level of 23.6% (blue dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - down;
- Weekly schedule - down.
General conclusion:
On Thursday, a retracement movement is possible.
From the retracement level of 61.8% - 1.0995 (red dashed line), work up with the first target 1.1023 - the retracement level of 14.6% (blue dashed line). If successful, the next upper target 1.1040 is a retracement level of 23.6% (blue dashed line).
In the case of the lower scenario - a downward movement with the target at 1.0951 - a retracement level of 76.4% (red dashed line).
