Trend analysis (Fig. 1).
On Wednesday, the first lower target is a pullback level of 38.2% which is equivalent to 1.1077 presented in a red dashed line. If successful, the next lower target 1.1063 is the retracement level of 61.8% presented in a red dashed line. From the level of 1.1063, we can expect upper work with the target of 1.1099 which is the upper fractal.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - up;
- Candlestick analysis - neutral;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
On Wednesday, the first lower target is a pullback level of 38.2% equivalent to 1.1077 presented in a red dashed line. If successful, the next lower target 1.1063 is the retracement level of 61.8% presented in a red dashed line. From the level of 1.1063, we can expect upper work with the target of 1.1099 which is the upper fractal.
There is an unlikely scenario where the price may immediately go up to the upper fractal which is at 1.1117.
