Trend analysis (Fig. 1).
On Thursday, the price may roll back to the first target: 1.1178, with a retracement level of 23.6% (red dotted line). If this level is reached, it is possible to resume the upward movement to the initial goal of 1.1241 – the upper fractal (red dotted line). The price is moving up from the level of 1.1202. All the while, a retracement level of 14.6% (red dotted line) is unlikely but possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis: down;
- Fibonacci levels: down;
- Volumes: down;
- Candlestick analysis: down;
- Trend analysis: up;
- Bollinger Lines: down;
- Weekly schedule: up.
General conclusion:
A downward trend is possible on Thursday.
An unlikely scenario: from 1.1178, a retracement level of 23.6% (red dotted line); price going down to 1.1141 (red dotted line), with a retracement level of 38.2%.
