Trend analysis (Fig. 1).
The market may move downward from the level of 1.1737 (closing of yesterday's daily candle) to 1.1721 - the 76.4% retracement level (red dotted line). After testing this level, an upward pullback may form with the target of 1.1769 - the 38.2% retracement level (yellow dashed line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price may move downward from the level of 1.1737 (closing of yesterday's daily candle) to 1.1721 - the 76.4% retracement level (red dotted line). After testing this level, an upward pullback may form with the target of 1.1769 - the 38.2% retracement level (yellow dashed line).
Alternative scenario: from the level of 1.1737 (closing of yesterday's daily candle), the price may move down with the target at 1.1721 - the 76.4% retracement level (red dashed line). After testing this level, the price may continue to move down to 1.1700 - the 85.4% retracement level (red dashed line).
