The pair moved down on Wednesday, broke through the historical support at 1.1609 (blue dotted line), and closed the daily candle at 1.1596. Today, the market may roll back up. News is expected at 07:55 UTC (euro) and at 12:30, 14:00 UTC (dollar).
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1596 (closing of yesterday's daily candle) to test 1.1636 - the 14.6% retracement level (yellow dashed line). Upon reaching this level, the price may move downward with the target at 1.1589 - the lower fractal (yellow dashed line).
Fig 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the market may move upward from the level of 1.1596 (closing of yesterday's daily candle) to test 1.1636 - the 14.6% retracement level (yellow dashed line). Upon reaching this level, the price may move downward with the target at 1.1589 - the lower fractal (yellow dashed line).
Alternative scenario: from the level of 1.1596 (closing of yesterday's daily candle), the price may move upward with the target of testing 1.1609 - the historical resistance level (blue dashed line). Upon reaching this level, the price may move downward with the target at 1.1543 - the lower border of the Bollinger line indicator (black dashed line).
