On Thursday, the pair continued unsuccessful attempts to break through the historical resistance level of 1.1912 (blue dashed line). Today, the market is likely to start moving down. Economic calendar news for the dollar is expected at 12:30 UTC.
Trend analysis (Fig. 1).
The market may begin to move downward from the level of 1.1879 (closing of yesterday's daily candle) with the target of 1.1808 - a 14.6% pullback level (red dotted line). From this level, the downward trend may continue with the next target of 1.1741 - a 23.6% 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 begin to move down with the target of 1.1808 - a 14.6% pullback level (red dashed line). From this level, the downward trend may continue with the next target of 1.1741 - a 23.6% pullback level (red dotted line).
Another possible scenario is a downward movement with the target at 1.1808 - a 14.6% pullback level (red dotted line). From this level, an upward pullback is possible with the target at the upper fractal 1.1917 (red dotted line).
