Trend analysis (Fig. 1).
The market may move downward from the level of 1.2350 (closing of yesterday's daily candle) to test 1.2307, the lower fractal (red dotted line). Upon testing this level, the price may rise to 1.2360, the 14.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger bands - down;
- Weekly chart - down.
General conclusion:
Today, the price may move downward from the level of 1.2350 (closing of yesterday's daily candle) to test 1.2307, the lower fractal (red dotted line). Upon testing this level, the price may rise to 1.2360, the 14.6% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.2350 (closing of yesterday's daily candle) to test 1.2213, the historical support level (blue dotted line). Upon testing this level, the price may rise to 1.2360, the 14.6% pullback level (red dotted line).
