Trend analysis (Fig. 1).
The price, declining from the level of 1.1874 (closing of yesterday's daily candle), will try to reach the level of 1.1852 – the pullback level of 14.6% (red dotted line) this Friday. After this level is reached, the upward movement will continue with the goal of reaching the upper fractal 1.1908 (blue dotted line). After testing this level, a downward pullback is likely.
Figure 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - down
- Candlestick analysis - down
- Trend analysis - up
- Bollinger lines - up
- Weekly chart - up
General conclusion:
Today, the price from the level of 1.1874 (closing of yesterday's daily candle) will make an attempt to reach the level of 1.1852 – the pullback level of 14.6% (red dotted line) as it declines. After reaching this level, the upward movement will resume with the goal of reaching the upper fractal 1.1908 (blue dotted line). Once this level is tested, a downward pullback is likely.
Alternatively, the price from the level of 1.1874 (closing of yesterday's daily candle) may start declining with the target of 1.1852 – the pullback level of 14.6%, (red dotted line). After testing this level, it may further fall and reach the level of 1.1832 – the pullback level of 23.6% (red dotted line), and only then an upward movement is possible.
