Trend analysis (Fig. 1).
The market may move down from the level of 1.3071 (close of yesterday's daily candle) to 1.3042, the 85.4% retracement level (yellow dotted line). In case of testing this level, an upward pullback is possible with the target of 1.3082, the 14.6% retracement level (red dotted line). From this level, upward movement is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - down;
- Weekly chart - down;
- Bollinger bands - down.
General conclusion:
The price may move down from the level of 1.3071 (close of yesterday's daily candle) to 1.3042, the 85.4% retracement level (yellow dotted line). In case of testing this level, an upward pullback is possible with the target of 1.3082, the 14.6% retracement level (red dotted line). From this level, upward movement is possible.
Unlikely scenario: from the level of 1.3071 (close of yesterday's daily candle), the price may move downward to the lower fractal 1.2999 (yellow dotted line). In case of testing this level, the price may move up with the target of 1.3082, the 14.6% retracement level (red dotted line).
