Trend analysis (Fig. 1).
Today, the market may continue to move downwards from the level of 1.1812 (the closing of yesterday's daily candlestick) with the target of 1.1778 – the 76.4% retracement level (red dotted line). When testing this level, it is likely to work upwards with the target of 1.1907, the resistance line (red bold 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, the market may continue to move downwards from the level of 1.1812 (the closing of yesterday's daily candlestick) with the target of 1.1778 – the 76.4% retracement level (red dotted line). When testing this level, it is likely to work upwards with the target of 1.1907 resistance line (red bold line).
Alternative scenario: from the level of 1.1812 (the closing of yesterday's daily candlestick), the pair may start moving up with the target of 1.1848 – the 23.6% retracement level (blue dotted line).
