Trend analysis (Fig. 1).
On Tuesday, the market from the level of 1.2048 (closing of yesterday's daily candle) will try to continue moving down with the target of 1.1975 – the 50% retracement level (red dotted line). After testing this level, the price may start working up with the target of 1.2075 - the historical resistance level (blue dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger bands - up;
- Weekly chart - down.
General conclusion:
Today, the price from the level of 1.2048 (closing of yesterday's daily candle) will try to continue moving down with the target of 1.1975 – the 50% retracement level (red dotted line). After testing this level, the price may start working up with the target of 1.2075 - the historical resistance level (blue dotted line).
Unlikely scenario: the price from the level of 1.2048 (closing of yesterday's daily candle) will try to make a downward movement with the target of 1.2023 - the lower fractal (daily candle from 17.02.2021). After testing this level, the price may start working up with the target of 1.2102 – the 76.4% retracement level (yellow dotted line).
