Trend analysis (Fig. 1).
Today, the market from the level of 1.3863 (closing of last Friday's daily candlestick) may start moving down with the target of 1.3801 - support line (red bold line). Once this line is tested, it is possible to move upward with the target of 1.3835 - the 23.6% retracement level (red dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - down.
General conclusion:
Today, the price from the level of 1.3863 (closing of last Friday's daily candlestick) may start moving down with the target at 1.3801 - the support line (red bold line). Once this line is tested, it is possible to move upward with the target of 1.3835 - the 23.6% retracement level (red dotted line).
Alternative scenario: the price from the level of 1.3863 (closing of last Friday's daily candlestick) may start moving down with the target of 1.3832 - 21 simple average (black dashed line). Once this line is tested, it is possible to move upward with the target of 1.3885 - the 50.0% retracement level (red dotted line).
