Trend analysis (Fig. 1).
On Wednesday, the market from the level of 1.3935 (closing of yesterday's daily candlestick) will try to continue moving downward in order to reach the 38.2% retracement level - 1.3881 (blue dotted line). In case of testing this level, it is possible to continue working upwards with the target of 1.4014 - the 61.8% retracement level (blue dashed line). And upon reaching this line, it may continue working upward with the target of 1.4096 - the 76.4% retracement 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 1.3935 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the 38.2% retracement level - 1.3881 (blue dotted line). In case of testing this level, it is possible to continue the upward movement with the target of 1.4014 - the 61.8% retracement level (blue dashed line). And upon reaching this line, it may continue working upward with the target of 1.4096 - the 76.4% retracement level (blue dashed line).
Unlikely scenario: the price from the level of 1.3935 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target of 1.4014 - the 61.8% retracement level (blue dashed line). Upon reaching this line, it may continue moving upward with the target of 1.4096 - the 76.4% retracement level (blue dashed line).
