Trend analysis (Fig. 1).
The market may move down on Wednesday from the level of 1.3259 (closing of Tuesday's daily candle) to reach the historical support level of 1.3234 (blue dotted line). In case of testing this level, the price may move upward with the target of 1.3325, 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;
- Weekly chart - up;
- Bollinger lines - down.
General conclusion:
The price may move down from the level of 1.3259 (closing of Tuesday's daily candle) to reach the historical support level of 1.3234 (blue dotted line). In case of testing this level, the price may move upward with the target of 1.3325, the 23.6% retracement level (yellow dashed line).
Unlikely scenario: from the level of 1.3259 (closing of Tuesday's daily candle), the price may move down to the lower fractal at 1.3167 (yellow dashed line). In case of testing this level, the price may move upwards with the target of 1.3264, the 14.6% retracement level (yellow dashed line).
