Trend analysis (fig. 1).
On Thursday, the pair is likely to drop the target level of 1.082 (the historical support level, blue dotted line) from the level of 1.1117 (the closing of yesterday's daily candlestick). From this level, it may perform an upward reversal and test the Fibonacci retracement level of 23.6%, 1.1158 (blue dotted line). If the price reaches this level, it could rise to an upward target of 1.1190, the historical resistance level (blue dotted line).
Fig. 1 (daily chart).
Complex analysis:
-indicator analysis up – up;
- Fibonacci retracement levels - up;
- trading volumes - up;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger lines - up;
- weekly chart - up.
Conclusion
On Thursday, the pair is likely to drop the target level of 1.082 (the historical support level, blue dotted line) from the level of 1.1117 (the closing of yesterday's daily candlestick). From this level, it may perform an upward reversal and test the Fibonacci retracement level of 23.6%, 1.1158 (blue dotted line). If the price reaches this level, it could rise to an upward target of 1.1190, the historical resistance level (blue dotted line).
Alternatively, after resuming a decline from the level of 1.1117 (closing of yesterday's daily candlestick), it may try to break through the level of 1.1057 (blue dotted line). When this level is reached, the price may climb to 1.1119, the Fibonacci retracement level of 14.6% (blue dotted line). After that, the price is likely to rise higher.
