Trend analysis (Fig. 1).
The market may move down on Thursday from the level of 1.1342 (closing of Wednesday's daily candle) to test 1.1305 - the 38.2% retracement level (red dotted line). Upon reaching this level, the price may move up with the target at 1.1379 - the 38.2% retracement level (blue 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:
The market may move down from the level of 1.1342 (closing of Wednesday's daily candle) to test 1.1305 - the 38.2% retracement level (red dotted line). Upon reaching this level, the price may move up with the target at 1.1379 - the 38.2% retracement level (blue dashed line).
Alternative scenario: from the level of 1.1342 (closing of Wednesday's daily candle), the price may move down with the target of testing 1.1291 - the 50% retracement level (red dashed line). Upon reaching this level, the price may start moving up with the target at 1.1354 - the upper fractal (red dotted line).
