Trend analysis (Fig. 1).
On Wednesday, the price may fall from the 1.1319 mark (close of yesterday's daily candlestick) to the 23.6% retracement level of 1.1222 (yellow dotted line). If the quote tests this level, it may then drop to 1.1159 support (blue bold line), test it, and extend the uptrend.
Fig. 1 (daily chart).
Complex analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - down;
- trend analysis - up;
- weekly chart - up;
- Bollinger Bands – up
Final thoughts:
Today, the price may fall from the 1.1319 mark (close of yesterday's daily candlestick) to the 23.6% retracement level of 1.1222 (yellow dotted line). If the quote tests this level, it may then drop to 1.1159 support (blue bold line), test it, and extend the uptrend.
Alternative scenario: the pair may go down from the 1.1319 mark (close of yesterday's daily candlestick) to the 23.6% retracement level of 1.1222 (yellow dotted line). Should it test the level, the quote may then head towards 1.1398 resistance (blue bold line). If the barrier is reached, the price will go further up.
