Trend analysis (Fig. 1).
The market may move down from the level of 1.1006 (close of yesterday's daily candle) to the target level of 1.0971, the 50.0% retracement level (yellow dotted line). In case of testing this level, the price may move upward to test the resistance level 1.1071 (thick red line). From here, the price may roll back down to the target level of 1.1010, the 38.2% retracement level (yellow dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion:
The market may move down from the level of 1.1006 (close of yesterday's daily candle) to the target level of 1.0971, the 50.0% retracement level (yellow dotted line). In case of testing this level, the price may move upward to test the resistance level 1.1071 (thick red line). From here, the price may roll back down to the target level of 1.1010, the 38.2% retracement level (yellow dotted line).
Alternative scenario: from the level of 1.1006 (close of yesterday's daily candle), the price may move downward to the target level of 1.0971, the 50.0% retracement level (yellow dotted line). In case of testing this level, the price may move upward to test the resistance level 1.1071 (thick red line). From here, the price may continue to move up to the target level of 1.1145, the 50.0% retracement level (blue dotted line).
