Trend analysis (Fig. 1).
The market may move down on Thursday from the level of 1.1292 (closing of Wednesday's daily candle) to test 1.1275, the 61.8% retracement level (red dotted line). Upon reaching this level, the price may move up with the target of 1.1319, the 21-day EMA (black thin line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
The market may move down from the level of 1.1292 (closing of Wednesday's daily candle) to test 1.1275, the 61.8% retracement level (red dotted line). Upon reaching this level, the price may move up with the target of 1.1319, the 21-day EMA (black thin line).
Alternative scenario: from the level of 1.1292 (closing of Wednesday's daily candle), the price may start to move down with the target of testing the support line at 1.1258 (blue bold line). When this line is reached, the price may start to move up with the target of 1.1319, the 21-day EMA (black thin line).
