Trend analysis (Fig. 1).
Today, from the level of 1.2039 (closing of yesterday's daily candle), the market may continue to move down with a target of 1.1975 – the 50% retracement level (red dotted line). When testing this level, it is possible to continue working downwards with the target of 1.1954 - the historical resistance level (blue dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger bands - down;
- Weekly chart - down.
General conclusion:
Today, from the level of 1.2039 (closing of yesterday's daily candle), the market may continue to move down with a target of 1.1975 – the 50% retracement level (red dotted line). When testing this level, it is possible to continue working downwards with the target of 1.1954 - the historical resistance level (blue dotted line).
Unlikely scenario: from the level of 1.2039 (closing of yesterday's daily candle), the pair may continue to move up with the target of 1.2102 – the historical resistance level (blue dotted line). When testing this level, it is possible to work up with the target of 1.2121 - the resistance line (the red bold line).
