Trend analysis (Fig. 1).
The market from the level of 1.3808 (closing of yesterday's daily candlestick) will try to start moving upwards in order to reach the 38.2% retracement level - 1.3922 (blue dotted line). .Upon testing this level, it is possible to continue working upward with the target of 1.3944 - the 85.4% retracement level (yellow dashed line). From this level, downward work is likely.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Weekly chart - up;
- Bollinger lines - down.
General conclusion:
Today, the price from the level of 1.3808 (closing of yesterday's daily candlestick) will try to start moving upwards in order to reach the 38.2% retracement level - 1.3922 (blue dotted line). .Upon testing this level, it is possible to continue working upward with the target of 1.3944 - the 85.4% retracement level (yellow dashed line). From this level, downward work is likely.
Alternative scenario: the price from the level of 1.3808 (closing of yesterday's daily candlestick) will try to start moving upwards in order to reach the 23.6% retracement level - 1.3849 (blue dashed line). Once this level is tested, it is possible to continue moving downward with the target of 1.3731 - the lower fractal (blue dashed line). Upward movement is possible from this level.
