Trend analysis (Fig. 1).
Today, the market from the level of 1.2162 (closing of yesterday's daily candle), while moving down, will try to reach the lower fractal of 1.2103 (daily candle from 21.01.2021). In case of testing this level, the continuation of the upward movement is possible with the target of 1.2176 - the resistance level (blue bold line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down
- Fibonacci levels - down
- Volumes - down
- Candlestick analysis - down
- Trend analysis - up
- Bollinger bands - down
- Weekly chart - down
General conclusion:
Today, the price from the level of 1.2162 (closing of yesterday's daily candle), while moving down, will try to reach the lower fractal of 1.2103 (daily candle from 21.01.2021). In case of testing this level, the continuation of the upward movement is possible with the target of 1.2176 - the resistance level (blue bold line).
Alternative scenario: when the pair moves down and tests the lower fractal of 1.2103 (daily candle from 21.01.2021), the continuation of the downward movement is possible with the target of 1.2073 - the historical support level (blue dotted line).
