Trend analysis (Fig. 1).
Today, the market from the level of 1.1789 (closing of yesterday's daily candlestick) will try to continue moving downwards with the target of testing the lower fractal - 1.1703 (red dotted line). Upon reaching this level, the price may start moving upwards with the target at 1.1781 - the lower fractal (daily candlestick from 07.07.2021). When this level is tested, the upward movement is likely to continue.
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 1.1789 (closing of yesterday's daily candlestick) will try to continue moving downwards with the target of testing the lower fractal - 1.1703 (red dotted line). Upon reaching this level, the price may start moving upwards with the target at 1.1781 - the lower fractal (daily candlestick from 07.07.2021). When this level is tested, the upward movement is likely to continue.
Alternative scenario: from the level of 1.1789 (closing of yesterday's daily candlestick), it may start moving upwards with the target at 1.1852 - the 14.6% retracement level (blue dashed line).
