Trend analysis (Fig. 1).
Today, the market from the level of 1.2179 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to test the 23.6% retracement level, 1.2133 (red dotted line). Upon reaching this level, the price may start moving upwards with the target at 1.2212 - the historical resistance level (blue dashed line). And when this level is reached, the upward movement may continue with the target of 1.2274 - the 85.4% retracement level (yellow 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 market from the level of 1.2179 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to test the 23.6% retracement level, 1.2133 (red dotted line). Upon reaching this level, the price may start moving upwards with the target at 1.2212 - the historical resistance level (blue dashed line). And when this level is reached, the upward movement may continue with the target of 1.2274 - the 85.4% retracement level (yellow dashed line).
Unlikely scenario: from the level of 1.2179 (closing of yesterday's daily candlestick), it may start moving down with the target of 1.2133 - the 23.6% retracement level (red dotted line). Upon reaching this level, the downward movement may continue with the target of 1.2081 - the lower border of the Bollinger line indicator (black dashed line).
