Trend analysis (Fig. 1).
Today, the market from the level of 1.1993 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to test the historical support level - 1.1954 (blue dotted line). Upon reaching this level, the price may continue to move downward with the target at 1.1928 - the support line of the ascending channel (white thick line). And after reaching this line, it is possible to move upward with the target of 1.1978, the 14.6% retracement level (blue dashed line).
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 market from the level of 1.1993 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to test the historical support level - 1.1954 (blue dotted line). Upon reaching this level, the price may continue to move downward with the target at 1.1928 - the support line of the ascending channel (white thick line). And after reaching this line, it is possible to move upward with the target of 1.1978, the 14.6% retracement level (blue dashed line).
Alternative scenario: from the level of 1.1993 (closing of yesterday's daily candlestick), it may continue to move down with the target at 1.1985 - the 50.0% retracement level (red dotted line). Upon reaching this level, it is possible to start moving upwards with the target of 1.2057 - the 38.2% retracement level (blue dashed line).
