Trend analysis (Fig. 1).
On Wednesday, the market from the level of 1.2035 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.1992 - the support line (blue bold line). In case of testing this line, it is possible to continue moving upward with the target of 1.2075 - the historical resistance level (blue dashed line).
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 from the level of 1.2035 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.1992 - the support line (blue bold line). In case of testing this line, it is possible to continue moving upward with the target at 1.2075 - the historical resistance level (blue dashed line).
Alternative scenario: from the level of 1.2035 (closing of yesterday's daily candlestick), it will try to continue moving upwards with the target of 1.2075 - the historical resistance level (blue dashed line). In case of testing this level, the price will try to continue moving upwards with the target of 1.2102 - the 76.4% retracement level (yellow dashed line). When testing this level, it is likely to continue working upwards.
