The pair continued to move down on Thursday, testing a retracement level of 61.8% - 1.0832 (blue dashed line). After that, the price went up (37 points). Today, the downward movement may continue. Strong calendar news for the dollar is expected at 12:30 and 14:00 UTC.
Trend analysis (Fig. 1).
Today, in order to continue moving down, the pair needs to break through the retracement level of 61.8% - 1.0832 (blue dashed line). When breaking down, the downward work is with the first target of 1.0758, a retracement level of 76.4% (blue dashed line). After a rebound from the retracement level of 61.8% - 1.0832 (blue line), expect an upward work with the first target of 1.0965, a retracement level of 38.2% (red dashed line). Much will depend on how the market behaves on the news that comes out at 12:30 UTC.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price will try to continue moving down with the first target at 1.0758, a retracement level of 76.4% (blue dashed line).
An unlikely scenario: from the support line 1.0816 (red thin line), work up with the target of 1.0965, a retracement level of 38.2% (red dashed line).
