Trend analysis (Fig. 1).
On Wednesday, the market from the level of 1.2090 (closing of yesterday's daily candlestick) will try to start moving down with the target of 1.2070 - the support line (blue bold line). In case of testing this line, it is possible to continue working upward with the target of 1.2116 - the upper fractal (red dotted line). Upon reaching this level, it is possible to continue to work upward with the target of 1.2166 - the target level of 161.8% (blue dashed line). Much will depend on the news that comes out at 18.00 and 18.30 UTC.
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 1.2090 (closing of yesterday's daily candlestick), will try to start moving down with the target of 1.2070 - the support line (blue bold line). In case of testing this line, it is possible to continue the working upward with the target of 1.2116 - the upper fractal (red dotted line).
Unlikely scenario: from the level of 1.2090 (closing of yesterday's daily candlestick), the price will try to continue moving downward with the target of 1.2070 - the support line (blue bold line). Once this line is tested, it may continue to decline with the target of 1.2019, the 23.6% retracement level (red dashed line). After testing this level, it is possible to work up.
