The pair moved up on Monday, tested the historical resistance level - 1.3620 (blue dotted line), and then the price went down. The market closed the daily candle at 1.3602. Today, the price may roll back down. News is expected at 08:30 UTC (pound) and 14:00 UTC (dollar).
Trend analysis (Fig. 1).
The market may roll back down from the level of 1.3602 (closing of yesterday's daily candle) with the target of 1.3551 - the 38.2% retracement level (blue dotted line). When testing this level, the price may move up with the target at 1.3660 - the 50.0% retracement level (yellow dashed line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price may roll back down from the level of 1.3602 (closing of yesterday's daily candle) with the target of 1.3551 - the 38.2% retracement level (blue dotted line). When testing this level, the price may move up with the target at 1.3660 - the 50.0% retracement level (yellow dashed line).
Unlikely scenario: from the level of 1.3602 (closing of yesterday's daily candle), the price may move down with the target of 1.3551 - the 38.2% retracement level (blue dotted line). When testing this level, the price may continue to move downward with the target of 1.3524 - the 50% retracement level (blue dashed line), and from here, the price may move up.
