Trend analysis (Fig. 1).
The euro-dollar pair may move downward from the level of 1.0088 (close of yesterday's daily candle) to 1.0050, the 76.4% retracement level (blue dotted line). After testing this level, an upward movement is possible with the target of 1.0107, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may move up.
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:
Today the price may move downward from 1.0088 (close of yesterday's daily candle) to 1.0050, the 76.4% retracement level (blue dotted line). After testing this level, an upward movement is possible with the target of 1.0107, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may move up.
Alternative scenario: from the level of 1.0088 (close of yesterday's daily candle), the price may move down to the lower fractal 1.0079 (daily candle from 08/18/2022). After testing this level, an upward movement is possible with the target of 1.0107, the 23.6% retracement level (red dotted line). When testing this level, the price may move up.
