Trend analysis (Fig. 1).
On Tuesday, the market from the level of 1.2083 (closing of yesterday's daily candlestick) will try to continue moving downward with the target of 1.2050 - the support line (blue bold line). After testing this line, the price may start working upwards, with the target of 1.2116 - the upper fractal (red dotted line). And upon reaching this level, it may further work upward with the target of 1.2166 - the level of 161.8% (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 1.2083 (closing of yesterday's daily candlestick) will try to continue moving downward with the target of 1.2050 - the support line (blue bold line). After testing this line, the price may start working upwards, with the target of 1.2116 - the upper fractal (red dotted line). And upon reaching this level, it may further work upward with the target of 1.2166 - the level of 161.8% (blue dashed line).
Unlikely scenario: the price from the level of 1.2083 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.2019 - the 23.6% retracement level (red dotted line). Having tested this level, it may further work downward with the target of 1.1975 - 21 EMA (black thin line). After testing this line, the market may start working upwards.
