The pair initially traded downward on Friday then tested 1.2511 - a 38.2% pullback level (red dotted line). However, it did not manage to break through this level, and then the price traded upward. The market closed 15 points above the opening of the daily candle. Today, the price is likely to move down. Nothing is expected for economic calendar news.
Trend analysis (Fig. 1).
Today, a downward rollback is possible from the level of 1.2569 (closing of the Friday afternoon candle) with the target at 1.2511 - a 38.2% pullback level (red dashed line). From this level, the downward movement may continue with the next target of 1.2461 - a 50% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - up;
- Weekly schedule - down.
General conclusion:
Today the price may move down with the target of 1.2511 - a 38.2% retracement level (red dotted line). From this level, the downward movement may continue with the next target of 1.2461 - a 50% pullback level (red dotted line).
Another possible scenario is a downward trend from the level of 1.2569 (closing of Friday's daily candle) with the first target at 1.2511 - a 38.2% pullback level (red dotted line). From this level, the trend may begin to move up with the target of 1.2599 - a 61.8% pullback level (blue dashed line).
