The pair moved downward in a side channel yesterday. At first, the price moved up and tested the upper fractal 1.3702 (red dotted line), and then moved down, in turn, and tested the 8th average EMA 1.3591 (blue thin line). Today, the price is likely to continue working down. As per the economic calendar, news is expected at 13.30 and 17.30 UTC (dollar).
Trend analysis (Fig. 1).
Today, the market from the level of 1.3635 (closing of yesterday's daily candle) can continue to move down with the target of 1.3537 - 21 average EMA (black thin line). When testing this line, it is possible to continue working upward, with the target of 1.3676 - a pullback level of 76.4% (yellow dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down
- Fibonacci levels - down
- Volumes - down
- Candlestick analysis - down
- Trend analysis - up
- Bollinger bands - up
- Weekly chart - down
General conclusion:
Today, the price from the level of 1.3635 (closing of yesterday's daily candle) can continue to move down with the target of 1.3537 - 21 average EMA (black thin line). When testing this line, it is possible to continue working upward, with the target of 1.3676 - a pullback level of 76.4% (yellow dotted line).
Alternative scenario: the price from the level of 1.3635 (closing of yesterday's daily candle) may continue to move up with the target of 1.3702 - the upper fractal (red dotted line).
