The pair traded upward on Tuesday and tested the resistance level of 1.2953 (black thick line). After that, the price began to move downward. Today, the price is likely to continue moving down. Economic calendar news for the dollar is expected at 14:00, 14:30, 18:00, and 18:30 UTC.
Trend analysis (Fig. 1).
The market may continue to move upward from the level of 1.2933 (closing of yesterday's daily candle) with the target at the resistance line 1.2977 (black bold line). From this level, the downward trend may continue with the next target of 1.2872 - a 14.6% 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 - down;
- Weekly chart - down.
General conclusion:
Today the price may move downward from the resistance level of 1.2977 (black bold line) with the target of 1.2872 - a 14.6% pullback level (red dashed line).
Another possible scenario is an upward trend upon breaking through the resistance line 1.2977 (black bold line) with the target of 1.3161 - a 161.8% target level (blue dashed line).
