Trend analysis (Fig. 1).
The market may move down on Thursday from the level of 1.1303 (close of yesterday's daily candle) to test 1.1280, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may start moving upwards to the target level of 1.1344, the 61.8% retracement level (yellow dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion:
The price may move down today from the level of 1.1303 (close of yesterday's daily candle) to test 1.1280, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may start moving upwards to the target level of 1.1344, the 61.8% retracement level (yellow dotted line).
Alternative scenario: from the level of 1.1303 (close of yesterday's daily candle), the price may start to move down to test 1.1250, the 38.2% retracement level (red dotted line). Upon reaching this level, the price may start moving upwards to the target level of 1.1301, the 50.0% retracement level (yellow dotted line).
