Trend analysis (Fig. 1).
On Tuesday, the market from the level of 1.3905 (the closing of yesterday's daily candlestick) will try to start moving down with the target of 1.3808 - the support line of the ascending channel (red bold line). After testing this line, it is possible to continue working up with the target of 1.3882 - the 38.2% retracement level (blue dotted line). And upon reaching this level, it is possible to continue working up with the target of 1.3948 - the 50.0% retracement level (blue dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price from the level of 1.3905 (the closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.3808 - the support line of the ascending channel (red bold line). After testing this line, it is possible to continue working up with the target of 1.3882 – the 38.2% retracement level (blue dotted line). And upon reaching this level, it is possible to continue working up with the target of 1.3948 – the 50.0% retracement level (blue dotted line).
Alternative scenario: from the level of 1.3905 (the closing of yesterday's daily candlestick), the pair will try to start moving down with the target of 1.3886 - 21 EMA (black thin line). After testing this line, it may work upwards with the target of 1.3948 - the retracement level of 50.0% (blue dashed line).
