The pair continued to move down on Tuesday, testing the historical support level of 1.1001 (blue thin line). Today, a continuation of the downward movement is possible. Strong calendar news for the euro is expected at 10:00 UTC, and for the dollar at 12:30 and 14:30 UTC.
Trend analysis (Fig. 1).
Today, the market will continue to move down with the target of 1.0948, a retracement level of 76.4% (blue dashed line). If this level is reached, the downward movement will continue with the next target of 1.0884, a retracement level of 85.4% (blue 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, from a retracement level of 61.8% - 1.1053 (blue dashed line) the price may continue to move down with the first target of 1.0948, a retracement level of 76.4% (blue dashed line). If this level is reached, the continuation of work down is with the next target of 1.0884, a retracement level of 85.4% (blue dashed line).
An unlikely scenario: from the historical support level of 1.1001 (blue dotted line), work up with the target 1.1084, a retracement level of 23.6% (red dotted line).
