The pair traded upwards on Tuesday and almost tested the historical resistance level of 1.1001 (presented in a blue dashed line). Today, the price may roll back down. Economic calendar news for the euro is expected at 07:30 UTC.
Trend analysis (Fig. 1).
Today, a downward pullback is possible from the level of 1.0985 (closing of yesterday's candle) with the target of 1.0935 - a 50.0% pullback level (presented in a red dashed line). If this level is broken down, the price may continue to move downwards with the target of 1.0920 - a 61.8% retracement level (presented in a red dashed line). From this level, an upward pullback is possible with the target at the upper fractal 1.0997 (presented in a red dashed line).
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 move downwards with the target of 1.0920 - a 61.8% retracement level (presented in a red dashed line). From this level, an upward pullback is possible.
Another possible scenario is an upward trend from 1.0935 - a 50.0% pullback level (presented in a red dashed line) with the target at the upper fractal 1.0997 (presented in a red dashed line).
