The pair moved up on Monday, tested 1.1644 - the 23.6% retracement level (yellow dashed line), and then the price went down. The market closed the daily candle at 1.1619. Today, the price may move downward. News is expected at 14:00 UTC (dollar) and 15:00 UTC (euro).
Trend analysis (Fig. 1).
The market moved down from the level of 1.1619 (closing of yesterday's daily candle) to reach the lower fractal - 1.1563 (yellow dashed line) and most likely after that will go up with the target of 1.1613 - the 14.6% retracement level (yellow dashed line). After testing this level, the price may continue to move upward, with the target at 1.1644 - the 23.6% 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 moved down from the level of 1.1619 (closing of yesterday's daily candle) to reach the lower fractal - 1.1563 (yellow dashed line) and most likely after that will go up with the target of 1.1613 - the 14.6% retracement level (yellow dashed line). After testing this level, the price may continue to move upward, with the target at 1.1644 - the 23.6% retracement level (yellow dashed line).
Unlikely scenario: from the level of 1.1619 (closing of yesterday's daily candle), the price may move downward with the target at 1.1552 - the support line (red bold line). After testing this level, the price may continue to move down, with the target at 1.1512 - the 161.8% target level (red dotted line), and from here, the price may move upward.
