Trend analysis (Fig. 1).
The euro-dollar pair may move upward from 1.0042 (close of Friday's daily candle) to the target of 1.0116, the 50% retracement level (white dotted line). After testing this level, a downward pullback is possible to test 1.0054, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may move upward with the target of 1.0175, the 61.8% retracement level (white dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – down;
- Bollinger bands – down;
- Weekly chart – down.
General conclusion:
Today the price may move upward from the level of 1.0042 (close of Friday's daily candle) to the target of 1.0116, the 50% retracement level (white dotted line). After testing this level, a downward pullback is possible to test 1.0054, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may move upward with the target of 1.0175, the 61.8% retracement level (white dotted line).
Alternative scenario: from the level of 1.0042 (close of Friday's daily candle), the price may move downward to test 1.0017, the 38.2% retracement level (red dotted line). After testing this level, an upward movement is possible with the target of 1.0116, the 50.0% retracement level (red dotted line).
