Trend analysis (Fig. 1).
Today, the market from the level of 1.3917 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.3888 - the 61.8% retracement level (red dotted line). Upon reaching this level, the price may start moving upwards with the target at 1.3934 - the resistance line of the ascending channel (red bold line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price from the level of 1.3917 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.3888 - the 61.8% retracement level (red dotted line). Upon reaching this level, the price may start moving upwards with the target at 1.3934 - the resistance line of the ascending channel (red bold line). Upon reaching this line, it is possible to continue moving upward.
Alternative scenario: from the level of 1.3917 (closing of yesterday's daily candlestick), it will try to continue moving downward with the target of 1.3888 - the 61.8% retracement level (red dotted line). Upon reaching this level, the price may continue to move downward with the target of 1.3859 - the lower fractal (daily candlestick from 06/22/2021).
