Trend analysis (Fig. 1).
Today, the market will try to continue moving downward from the level of 1.3738 (closing of yesterday's daily candlestick) in order to reach the 76.4% retracement level - 1.3668 (red dotted line). If this level is tested, it is possible that it will start working upwards with the target of 1.3725 - the lower fractal (daily candlestick from 08/17/2021).
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 will try to continue moving downward from the level of 1.3738 (closing of yesterday's daily candlestick) in order to reach the 76.4% retracement level - 1.3668 (red dotted line). If this level is tested, it is possible that it will start working upwards with the target of 1.3725 - the lower fractal (daily candlestick from 08/17/2021).
Alternative scenario: the price from the level of 1.3738 (closing of yesterday's daily candlestick) will try to start moving upwards in order to reach the historical resistance level - 1.3800 (blue dotted line). Once this level is tested, the upward movement may continue with the target of 1.3824 - the 38.2% retracement level (blue dashed line).
