Trend analysis (Fig. 1).
Today, the market from the level of 1.2212 (closing of yesterday's daily candlestick) will try to continue moving downward with the target at 1.2207 - the support line (blue bold line). If this level is tested, it is possible to move upward with the next target 1.2234 - the historical resistance level (blue dashed line). Upon testing this line, the upward movement may continue with the target of 1.2266 - the upper fractal (red dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price from the level of 1.2212 (closing of yesterday's daily candlestick) will try to continue moving downward with the target at 1.2207 - the support line (blue bold line). If this level is tested, it is possible to move upward with the next target 1.2234 - the historical resistance level (blue dashed line). Upon testing this line, the upward movement may continue with the target of 1.2266 - the upper fractal (red dotted line).
Alternative scenario: the market from the level of 1.2212 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.2184 - the retracement level of 14.6% (red dotted line). In case of testing this level, it is possible to start moving upward with the target at 1.2234 - the historical resistance level (blue dotted line).
