Yesterday, the pair moved in a sideway channel, tested the resistance line of 1.3670 (the red bold line) and closed the daily candle at 1.3664. Today, the price will try to continue going down according to the economic calendar news, it is expected at 9.30 UTC (pound) and 13.15, 15.00, 15.30 Moscow time (dollar).
Trend Analysis (Fig. 1).
Today, the market will try to continue going down from the level of 1.3664 (the closing of yesterday's daily candle) in order to reach the lower fractal of 13610 (the daily candle from 02/02/2021). In case of testing this level, there will be a further downward movement with the target of 1.3519, another lower fractal (daily candle from 01/18/2021).
Figure 1 (daily chart).
Comprehensive Analysis:
- Indicator Analysis – down
- Fibonacci Levels – down
- Volumes – down
- Candle Analysis – down
- Trend Analysis – down
- Bollinger Bands – down
- Weekly Chart – down
General Conclusion:
Today, the price will try to continue going down from the level of 1.3664 (the closing of yesterday's daily candle) in order to reach the lower fractal of 13610 (the daily candle from 02/02/2021). In case of testing this level, there will be a further downward movement with the target of 1.3519, another lower fractal (daily candle from 01/18/2021).
Alternative scenario: the price will try to continue going down from the level of 1.3664 (the closing of yesterday's daily candle) in order to reach the lower fractal of 13610 (the daily candle from 02/02/2021). In case of testing this level, there will be further work going up with the target of 1.3682 resistance line (red bold line).
