Trend analysis (Fig. 1).
Today, the market from the level of 1.1709 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to test the lower boundary of the Bollinger line indicator - 1.1622 (black dotted line). When this line is reached, the price may start moving upward with the target at 1.1664 - the 14.6% retracement level (blue dashed line). And once this level is tested, the upward movement may continue.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today, the market from the level of 1.1709 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to test the lower boundary of the Bollinger line indicator - 1.1622 (black dotted line). When this line is reached, the price may start moving upward with the target at 1.1664 - the 14.6% retracement level (blue dashed line). And once this level is tested, the upward movement may continue.
Alternative scenario: from the level of 1.1709 (closing of yesterday's daily candlestick), it will try to continue moving downwards in order to test the lower boundary of the Bollinger line indicator - 1.1622 (black dashed line). Upon reaching this line, the price may continue to move downward with the target at 1.1565 - the support line (red bold line). Once this line is tested, it is possible to move upward.
