Last Friday, the euro/dollar pair went down. It could not go far from the level of 1.2130 - the historical support level (blue dotted line), and as a result, the market went up, testing the 8 EMA - 1.2182 (blue thin line) from the bottom up. The closing price of the daily candlestick is 1.2165. Today, the price may continue to move down. There is no important news expected today.
Trend analysis (Fig. 1).
Today, the market from the level of 1.2165 (closing of last Friday's daily candlestick) may continue to move down with the target of 1.2133 - the 23.6% retracement level (red dotted line). After testing this level, it is possible to continue moving down with the target of 1.2104 - the lower fractal (daily candlestick from 06/04/2021). Upward movement is possible from this level.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today, the price from the level of 1.2165 (closing of last Friday's daily candlestick) may continue to move down with the target of 1.2133 - the 23.6% retracement level (red dotted line). After testing this level, it is possible to continue moving down with the target of 1.2104 - the lower fractal (daily candlestick from 06/04/2021). Upward movement is possible from this level.
Alternative scenario: the price from the level of 1.2165 (closing of last Friday's daily candlestick), will start moving down, with the target at 1.2233 - the 23.6% retracement level (red dotted line). Upon testing this level, it may begin moving upward.
