The pair traded downward on Tuesday testing 1.1690 - a 38.2% pullback level (red dotted line). Today, the price may continue to move down. As per the economic calendar, euro news is expected at 07:30 UTC, and dollar news is expected at 14:00 and 14:30 UTC.
Trend analysis (Fig. 1).
The market may move downward from the level of 1.1710 (closing of yesterday's daily candlestick) with the target at the support level 1.1676 (black bold line). If this line is tested, the downward trend may continue with the next target of 1.1590 - a 50% pullback level (red dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today, the price may move downward with the target at the support level 1.1676 (black bold line). If this line is tested, the downward trend may continue with the next target at 1.1590 - a 50% pullback level (red dashed line).
Another possible scenario: from the support level 1.1676 (black bold line), the price may begin to move upward with the target of 1.1823 - a 61.8% pullback level (blue dashed line).
