Trend analysis (Fig. 1).
The market may move downward from 1.0569 (close of yesterday's daily candle) to 1.0544, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may move upward to the upper fractal at 1.0601 (red dotted line). From this level, continued upward movement is possible with the target of 1.0623, the 61.8% retracement level (yellow dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – up.
Today the price may move downward from 1.0569 (close of yesterday's daily candle) to 1.0544, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may move upward to the upper fractal at 1.0601 (red dotted line). From this level, continued upward movement is possible with the target of 1.0623, the 61.8% retracement level (yellow dotted line).
Alternative scenario: from the level of 1.0569 (close of yesterday's daily candle), the price may move downward to 1.0508, the 38.2% retracement level (red dotted line). Upon reaching this level, the price may move upward to the upper fractal at 1.0601 (red dotted line). From here, the price may move up.
