Trend analysis (Fig. 1).
Today, the market from the level of 1.1822 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.1786 - the 85.4% retracement level (red dashed line). Once this line is tested, the downward movement may continue with the target at 1.1703 - the lower fractal (red dotted line). When this level is reached, it is possible to start moving upward.
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 1.1822 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.1786 - the 85.4% retracement level (red dashed line). Once this line is tested, the downward movement may continue with the target at 1.1703 - the lower fractal (red dotted line). When this level is reached, it is possible to start moving upward.
Alternative scenario: from the level of 1.1822 (closing of yesterday's daily candlestick), it will try to start moving upwards with the target at 1.1874 - the 14.6% retracement level (blue dashed line). Once this level is tested, the upward movement may continue with the target of 1.1915 - the 23.6% retracement level (blue dashed line).
