Trend analysis (Fig. 1).
Today, the downward trend will continue from the level of 1.0909 (closing of yesterday's candle) with the target at 1.0873 - a 50.0% pullback level (presented in a red dashed line).
A breakdown of this level downwards is unlikely, although, from this level, there is a high probability that the price may start to move upwards with the target of 1.0930 - a 76.4% retracement level (presented in a blue dotted line). From this level, the upward movement is likely to continue.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price may begin to move upwards after moving down to 1.0873 - a 50.0% pullback level (presented in a red dashed line) with the target of 1.0930 - a 76.4% pullback level (presented in a blue dashed line). From this level, the upward movement is likely to continue.
Another possible but unlikely scenario is a bullish trend from the level of 1.0909 (closing of the Friday afternoon candle) breaking through the level of 1.0954 - an 85.4% pullback level (presented in a blue dotted line).
