On Monday, the EUR/USD currency pair tested the 50.0% pullback level at 1.0796 (yellow dotted line) and then went up, closing the daily candle at 1.0832. Today, the price may move downward. Economic calendar news is expected at 09:00 UTC (euro) and 15:00 UTC (dollar).
Trend analysis (Fig. 1).
The market may move downward on Tuesday from the level of 1.0832 (closing of yesterday's daily candle) to test 1.0764, the 38.2% pullback level (blue dotted line), and after that, the price may begin to move upward to the upper fractal at 1.0832 (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 1.0832 (closing of yesterday's daily candle) to test 1.0764, the 38.2% pullback level (blue dotted line), and after that, the price may move upward to the upper fractal at 1.0832 (red dotted line).
Alternatively, the price may move downward from 1.0832 (closing of yesterday's daily candle) to test the 1.0726 support level (blue bold line). After that, the price may move upward with a target of 1.0769, the historical resistance level (blue dotted line).
