The pair traded upward on Monday and once again failed to break the resistance line 1.1369 (white bold line). Today, the price may begin to move downward. Economic calendar news for the euro is expected at 09:00 UTC, and for the dollar at 12:30 UTC.
Trend analysis (Fig. 1).
Today, a downward pullback is possible from the level of 1.1344 (closing of yesterday's candle) with the target of 1.1297 - a 38.2% pullback level (blue dotted line). There is a possibility that the price will continue to move down from this level, with the next target of 1.1273 - a 50.0% pullback level (blue dashed 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 begin to move downward from the level of 1.1344 (closing of yesterday's candle) with the target of 1.1297 - a 38.2% pullback level (blue dotted line). There is a possibility that the price will continue to move downward from this level, with the next target of 1.1271 - a 50.0% pullback level (blue dashed line).
Another possible scenario is an upward trend from the level of 1.1344 (closing of yesterday's candle) with the target at the upper fractal 1.1376 (blue dashed line). Upon reaching this level, the upward trend may continue with the next target of the next upper fractal 1.1423.
