Trend analysis (Fig. 1).
The market may move down on Wednesday from the level of 1.1270 (close of yesterday's daily candle) to the target level of 1.1255, the 76.4% retracement level (red dotted line). After testing this level, the price may move upwards to the target level of 1.1301, the 50.0% retracement level (yellow dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger bands - down;
- Weekly chart - up.
General conclusion:
The price may move down today from the level of 1.1270 (close of yesterday's daily candle) to the target level of 1.1255, the 76.4% retracement level (red dotted line). After testing this level, the price may move upwards to the target level of 1.1301, the 50.0% retracement level (yellow dotted line).
Alternative scenario: from the level of 1.1270 (close of yesterday's daily candle), the price may start moving down to the target level of 1.1229, the 85.4% retracement level (red dotted line). When testing this level, the price may move up to the target level of 1.1302, the 50.0% retracement level (yellow dotted line).
