Trend analysis (fig. 1).
On Thursday, the pair is likely to move down from the level of 1.0557 (the closing of yesterday's daily candlestick) to the target level of 1.0488. It is the lower limit of the Bollinger line indicator (black dotted line). When testing this line, the price may perform an upward reversal to test 1.0584, the Fibonacci retracement level of 14.6% (red dotted line). If the pair rises above this level, it may continue its upward movement.
Fig. 1 (daily chart).
Complex indicator analysis:
-Indicator analysis- down;- Fibonacci retracement levels - down;- trading volumes - down;- candlestick analysis - up;- trend analysis - up;- Bollinger lines - up;- weekly chart - down.
Conclusion
Today, the pair is likely to move down from the level of 1.0557 (the closing of yesterday's daily candlestick) to the target level of 1.0488. It is the lower limit of the Bollinger line indicator (black dotted line). When testing this line, the price may perform an upward reversal to test 1.0584, the Fibonacci retracement level of 14.6% (red dotted line). If the pair rises above this level, it may continue its upward movement.
Alternatively, the pair may continue to drop from the level of 1.0557 (the closing of yesterday's daily candlestick) to the target level of 1.0488. It is the lower border of the Bollinger line indicator (black dotted line). When testing this level, the price is likely to fall lower to the target level of 1.0461, which is the historical support level (blue dotted line). It may also resume an upward movement from this level.
