Trend analysis (Figure 1).
Today, from the level of 1.2156 (the closing of yesterday's daily candle), the market can continue to move down with the target of 1.2086 which is the lower limit of the Bollinger Line Indicator (black dotted line). After testing this level, it is possible to continue working up with the target of 1.2102 which is a rollback level of 76.4% (yellow dotted line).
Figure 1 (daily chart).
Comprehensive analysis:
- Indicator Analysis – down
- Fibonacci Levels – down
- Volumes – down
- Technical Analysis – down
- Trend Analysis – down
- Bollinger Bands – down
- Weekly Chart – down
General conclusion:
Today, from the level of 1.2156 (the closing of yesterday's daily candle), the market can continue to move down with the target of 1.2073 which is the historical support level (blue dotted line). After testing this level, it is possible to continue working upwards with the target of 1.2102 which is a rollback level of 76.4% (yellow dotted line).
Alternative scenario: From the level of 1.2156 (the closing of yesterday's daily candle), the market may start moving up with the target of 1.2234 which is the historical resistance level (blue dotted line).
