Trend analysis (Fig. 1).
On Tuesday, the market will attempt to start moving down from the level of 1.1909 (closing of yesterday's daily candlestick) to the target set at 1.1875 - the retracement level of 23.6% (red dotted line). When the price tests this level, it is likely to continue moving downward with a target of 1.1842 - the 38.2% retracement level (red dotted line). And upon reaching this level, it may further work upward with a target of 1.1908 - the resistance line (red bold line). Reaching this line will enable it to rise further.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price will try to start moving down from the level of 1.1909 (closing of yesterday's daily candlestick) to the target set at 1.1875 - the retracement level of 23.6% (red dotted line). When the price tests this level, it is likely to continue moving downward with a target of 1.1842 - the 38.2% retracement level (red dotted line). And upon reaching this level, it may further work upward with a target of 1.1908 - the resistance line (red bold line). Reaching this line will enable it to rise further.
Alternative scenario: the price from the level of 1.1811 (closing of yesterday's daily candlestick) will try to move down to the target set at 1.1875 - the 23.6% retracement level (red dotted line). And then, after testing this level, it may start working upwards with a target of 1.1908 - the resistance line (red bold line).
