Trend analysis (Fig. 1).
The market may continue to move downward from the level of 1.1718 (closing of yesterday's daily candle) with the target of 1.1693 - a 14.6% pullback level (red dotted line). From this level, the downward trend may continue with the next target of 1.1637 - a 23.6% pullback level (red dotted line). Much will depend on the news that comes out at 18:00 and 18:30 UTC.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today the price may continue to move downward with the first target of 1.1693 - a 14.6% pullback level (red dotted line). From this level, the downward trend may continue with the target of 1.1637 - a 23.6% pullback level (red dotted line).
Another possible scenario is an upward trend upon breaking through the resistance level of 1.1726 (black bold line) with the target at 1.1822 - a 61.8% pullback level (blue dashed line).
