Trend analysis (Fig. 1).
The market from the level of 1.4166 (closing of yesterday's daily candlestick) may start moving down with the target of 1.4109 - the 23.6% retracement level (red dotted line). After testing this level, it is possible to continue working downwards with the target of 1.4025 - the retracement level of 38.2% (red dashed line). Upon reaching this level, it is likely to start moving upward with the target of 1.4092 - the 76.4% retracement level (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 1.4166 (closing of yesterday's daily candlestick) may start moving down with the target of 1.4109 - the 23.6% retracement level (red dotted line). After testing this level, it is possible to continue working downwards with the target of 1.4025 - the retracement level of 38.2% (red dashed line). Upon reaching this level, it is likely to start moving upward with the target of 1.4092 - the 76.4% retracement level (blue dashed line).
Alternative scenario: from the level of 1.4166 (closing of yesterday's daily candlestick), it may continue moving down with the target at 1.4109 - the 23.6% retracement level (red dotted line). After testing this level, it is possible to start working upwards with the target at 1.4217 - the historical resistance level (blue dashed line).
