The pair moved down on Tuesday, tested 1.1663 - the lower fractal (red dotted line), then rolled back up, closing the daily candle at 1.1682. Today, the market may move up. News is expected at 14:00, 14:30, 15:45 UTC (dollar), and at 15:45, 16:30 UTC (euro).
Trend analysis (Fig. 1).
The market may move downward from the level of 1.1682 (closing of yesterday's daily candle) with the target at 1.1663 - the lower fractal (red dotted line). When testing this level, the price may move upward with the target at 1.1703 - the 14.6% retracement level (yellow dashed line). Much will depend on the news that comes out at 15:45 UTC.
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may move down from the level of 1.1682 (closing of yesterday's daily candle) with the target at 1.1663 - the lower fractal (red dotted line). When testing this level, the price may move upward with the target at 1.1703 - the 14.6% retracement level (yellow dashed line).
Alternative scenario: from the level of 1.1682 (closing of yesterday's daily candle), the price may move down with the target at 1.1663 - the lower fractal (yellow dashed line). When testing this level, the price may continue to move downward with the target at 1.1579 - the historical support level (blue dashed line).
