Trend analysis (Fig. 1).
The market may move down on Thursday from the level of 1.1425 (close of yesterday's daily candle) to test 1.1398, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may start moving upwards to the target level of 1.1447, the upper fractal (daily candle from 02/09/2022).
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 - down.
General conclusion:
The market may move down from the level of 1.1425 (close of yesterday's daily candle) to test 1.1398, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may start moving upwards to the target level of 1.1447, the upper fractal (daily candle from 02/09/2022).
Alternative scenario: from the level of 1.1425 (close of yesterday's daily candle), the price may start to move down to test the historical support level of 1.1384 (blue dotted line). Upon reaching this level, the price may start moving upwards to the target level of 1.1447, the upper fractal (daily candle from 02/09/2022).
