Trend analysis (Fig. 1).
On Tuesday, the market from the level of 1.2127 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.2075 - the historical support level (blue dotted line). Once this level is tested, the price may start working upwards with the target of 1.2102 - the 76.4% retracement level (yellow dashed line). And upon reaching this line, it is likely to move upward with the target of 1.2178 - the upper fractal (red dotted 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 1.2127 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.2075 - the historical support level (blue dotted line). Once this level is tested, the price may start working upwards with the target of 1.2102 - the 76.4% retracement level (yellow dashed line). And upon reaching this line, it is likely to move upward with the target of 1.2178 - the upper fractal (red dotted line).
Alternative scenario: the price from the level of 1.2127 (closing of yesterday's daily candlestick) will try to continue moving downward with the target at 1.2075 - the historical support level (blue dotted line). The price, having tested this level, may continue to work downward with the target at 1.2029 - the support line (blue bold line). Upon reaching this line, it will further work upward with the target of 1.2102 - the 76.4% retracement level (yellow dashed line).
