The pair traded downward on Thursday and tested the support level 1.1790 (white thick line) and after that, the price went up. The daily candle closed almost at the opening point. Today, the market may continue to move down. Economic calendar news for the dollar is expected at 12:30 UTC.
Trend analysis (Fig. 1).
The market may move downward from the level of 1.1854 (closing of yesterday's daily candle) with the target at the support level 1.1792 (white thick line). In case of testing this level, an upward pullback is possible with the target at the historical resistance level 1.1912 (blue dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may move downward from the level of 1.1854 (closing of yesterday's daily candle) with the target at the support level 1.1792 (white thick line). In case of testing this level, an upward pullback is possible with the target at the historical resistance level 1.1912 (blue dashed line).
Another possible scenario is first, a downward movement to the support level 1.1792 (white bold line). Then, if this level is tested, the downward trend may continue with the next target at lower boundary of the Bollinger line indicator at 1.1725 (blue dashed curve).
