The pair rolled up on Monday, testing the resistance level of 1.2921 (white bold line). Today, a strong calendar for the dollar news is expected at 15:00 UTC. It is possible to continue moving down, with the first target 1.2856 - a pullback level of 50.0% (yellow dashed line).
Trend analysis (Fig. 1).
Today, it is possible to move down from the resistance line 1.2919 (white bold line) with the first target 1.2856, the pullback level of 50.0% (yellow dashed line). If this level is reached, further movement down with the target of 1.2699, the retracement level of 61.8% (yellow dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger Lines - down;
- Weekly schedule - down.
General conclusion:
Today, the price may continue to move down.
An unlikely but quite possible scenario is, from the level of 1.2921 (white bold line), work up with the target of 1.2952, the retracement level of 23.6% (red dashed line).
