Trend analysis (Fig. 1).
The market will move down on Thursday from the level of 1.3485 (closing of yesterday's daily candle) to the target level of 1.3454, the 14.6% retracement level (red dotted line). When testing this level, the price will move upward to the target level of 1.3504, the upper fractal (red dotted 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 price will move down from the level of 1.3485 (closing of yesterday's daily candle) to the target level of 1.3454, the 14.6% retracement level (red dotted line). When testing this level, the price will move upward to the target level of 1.3504, the upper fractal (red dotted line).
Alternative scenario: from the level of 1.3485 (closing of yesterday's daily candle), the price will move down to the target level of 1.3454, the 14.6% retracement level (red dotted line). When testing this level, the price will continue to move down to the target level of 1.3424, the 23.6% retracement level (red dashed line).
