Trend analysis (Fig. 1).
Today, the market from the level of 1.1756 (closing of yesterday's daily candlestick) may start moving down with the target of 1.1726 - the 38.2% retracement level (yellow dashed line). When this level is tested, the upward movement is likely to continue with the target at 1.1797 - the 50.0% retracement level (blue dashed line). Once this level is reached, a slight downward rollback may begin.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price from the level of 1.1756 (closing of yesterday's daily candlestick) may start moving down with the target of 1.1726 - the 38.2% retracement level (yellow dashed line). When this level is tested, the upward movement is likely to continue with the target at 1.1797 - the 50.0% retracement level (blue dashed line). Once this level is reached, a slight downward rollback may begin.
Alternative scenario: from the level of 1.1756 (closing of yesterday's daily candlestick), it will try to start moving down with the target at 1.1726 - the 38.2% retracement level (yellow dashed line). When this level is tested, the downward movement may continue with the target at 1.1714 - the 50.0% retracement level (yellow dashed line). Once this level is reached, upward movement is possible.
