Today, the market from the level of 1.3794 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the retracement level of 85.4%, which is 1.3752 (red dotted line). Upon testing this level, it is possible to continue working downwards with the target of 1.3731 - the lower fractal (blue dashed line). And when this line is reached, it is possible to roll back up.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Weekly chart - down;
- Bollinger lines - down.
General conclusion:
Today, the price from the level of 1.3794 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the retracement level of 85.4%, which is 1.3752 (red dotted line). Upon testing this level, it is possible to continue working downwards with the target of 1.3731 - the lower fractal (blue dashed line). And when this line is reached, it is possible to roll back up.
Alternative scenario: the price from the level of 1.3794 (closing of yesterday's daily candlestick) will try to start moving upwards in order to reach the retracement level of 23.6%, which is 1.3849 (blue dashed line). Once this level is reached, the upward movement may continue with the target of 1.3922 - the 38.2% retracement level (blue dashed line).
