The pair traded upward on Thursday and tested the resistance line 1.1374 (white bold line) then went down. Upon moving down, the price broke through 1.1308 - a 14.6% pullback level (red dotted line). Today, the downward trend is likely to continue. Nothing is expected for economic calendar news.
Trend analysis (Fig. 1).
Today, the downward trend may continue from the level of 1.1301 (closing of yesterday's candle) with the target of 1.1238 - a 23.6% retracement level (red dashed line). Upon reaching this level, the downward trend may continue with the next target of 1.1156 - a 21 average EMA (black thin line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger Lines - down;
- Weekly schedule - down.
General conclusion:
Today, the price may continue to move downward with the target of 1.1238 - a 23.6% retracement level (red dashed line). Upon reaching this level, the downward trend may continue with the next target of 1.1156 - a 21 average EMA (black thin line).
Another possible scenario is an upward trend from 1.1238 - a 23.6% retracement level (red dashed line) with the target of 1.1294 - a 76.4% retracement level (blue dashed line).
