The euro-dollar currency pair rallied down on Thursday, testing the historical support level of 1.1384 (blue dotted line), and then the price went up, testing the 1.1494 resistance level (bold blue line) then closed the daily candle at 1.1427. On Friday, the market may continue to move down. Based on the economic calendar, news is expected at 15:00 UTC (dollar).
Trend analysis (Fig. 1).
The market may move down on Friday from the level of 1.1427 (close of yesterday's daily candle) to reach the support level of 1.1352 (bold blue line). After testing this level, the price may move upward to the target level of 1.1384, the historical resistance level (blue dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger bands - up;
- Weekly chart - down.
General conclusion:
The price may move down from the level of 1.1427 (close of yesterday's daily candle) to reach the support level of 1.1352 (bold blue line). After testing this level, the price may move upward to the target level of 1.1384, the historical resistance level (blue dotted line).
Alternative scenario: from the level of 1.1427 (close of yesterday's daily candle), the price may continue to move down to the target level of 1.1345, the 38.2% retracement level (red dotted line). After testing this level, an upward pullback is possible to the target level of 1.1371, the 13 EMA (thin yellow line).
