Trend analysis (Fig. 1).
The euro-dollar pair may move downward from the level of 1.0259 (close of Friday's daily candle) to test 1.0208, the 38.2% retracement level (blue dotted line). After testing this level, the price may move up.
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.
General conclusion:
Today the price may move downward from the level of 1.0259 (close of Friday's daily candle) to test 1.0208, the 38.2% retracement level (blue dotted line). After testing this level, the price may move up.
Alternative scenario: from the level of 1.0259 (close of Friday's daily candle), the price may move downward to test the support level of the descending channel 1.0221 (thick blue line). After testing this level, an upward movement is possible with the target of 1.0282, the 50.0% retracement level (red dotted line). Upon reaching this level, the price may move upward with the target of 1.0359, the 61.8% retracement level (red dotted line).
