Trend analysis (Fig. 1).
Today, the market will try to continue moving down from the level of 1.1798 (the closing of yesterday's daily candlestick), with the target of 1.1771 – the lower fractal (blue dotted line). After testing this level, the price may start working up with the target of 1.1811 - the historical resistance level (blue dotted line). From this level, the upward movement is likely to continue with the target of 1.1843 - the 14.6% retracement level (blue dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger bands - down;
- Weekly chart - up.
General conclusion:
Today, the price will try to continue moving down from the level of 1.1798 (the closing of yesterday's daily candlestick), with the target of 1.1771 – the lower fractal (blue dotted line). After testing this level, the price may start working up with the target of 1.1811 - the historical resistance level (blue dotted line). From this level, the upward movement is likely to continue with the target of 1.1843 - the 14.6% retracement level (blue dotted line).
Alternative scenario: the price from the level of 1.1798 (the closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.1771 - the lower fractal (blue dotted line). The price, having tested this level, may continue working down with the target of 1.1716 - the lower border of the Bollinger line indicator (black dotted line).
