Trend analysis (Fig. 1).
The market may move downward from the level of 1.2492 (closing of yesterday's daily candle) to test 1.2420, the 61.8% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - down.
General conclusion:
Today, the price may move downward from the level of 1.2492 (closing of yesterday's daily candle) to test 1.2420, the 61.8% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).
Alternatively, the price may move downward from the level of 1.2492 (closing of yesterday's daily candle) to test 1.2444, the 50.0% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).
