Trend analysis (Fig. 1).
Today, the market may roll back down from the level of 1.1412 (closing of yesterday's candle) with a first target at 1.1345 - a 38.2% pullback level (blue dotted line). There is a possibility that the price may continue to work down from this level, with the next target of 1.1311 - a 50% pullback level (blue dotted line). A lot will depend on the news that comes out at 11:45 and 12:30 UTC.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger Lines - down;
- Weekly schedule - up.
General conclusion:
Today, the price may begin to move downward from the level of 1.1412 (closing of yesterday's candle) with a target of 1.1345 - a 38.2% pullback level (blue dashed line). There is a possibility that the price may continue to work down from this level, with the next target of 1.1311 - a 50% pullback level (blue dashed line).
Another possible scenario is an upward trend, which may be the movement upon the news, with the target at the upper fractal 1.1453 (blue dashed line). But before achieving this, the price may decline first towards 1.1386 - a 23.6% pullback level (blue dotted line).
