Trend analysis (Fig. 1).
The market may continue to move downward from the level of 1.1740 (closing of yesterday's daily candle) with the target at the support level of 1.1688 (black thick line). Upon reaching this level, the downward trend may continue with the next target at 1.1631 - a 38.2% 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 continue to move downward from the level of 1.1740 (closing of yesterday's daily candle) with the target at the support level of 1.1688 (black thick line). Upon reaching this level, the price may continue to move downward with the target at 1.1631 - a 38.2% pullback level (red dotted line).
Another possible scenario is from the level of 1.1740 (closing of yesterday's daily candle), the price may continue to move downward with the target at the support level of 1.1688 (black bold line). Upon reaching this level, the price may begin to move upward with the target of 1.1823 - a 61.8% pullback level (blue dashed line ).
