Trend Analysis (Fig. 1):
On Friday, the market may start an upward move from the 1.1560 level (yesterday's daily close), targeting 1.1638 – the 50% retracement level (yellow dashed line). Upon testing this level, a continued downward move may follow, with a target of 1.1560 – the 61.8% retracement level (red dashed line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
- Indicator analysis – downward
- Fibonacci levels – downward
- Volume – downward
- Candlestick analysis – downward
- Trend analysis – downward
- Bollinger Bands – downward
- Weekly chart – downward
Overall conclusion: bearish trend.
Alternative scenario:Today, the price may start an upward move from the 1.1560 level (yesterday's daily close), targeting 1.1636 – the 50% retracement level (yellow dashed line). Upon testing this level, a pullback down to 1.1538 – the 50% retracement level (red dashed line) is possible. From that level, a rebound upward may follow toward 1.1560 – the 61.8% retracement level (red dashed line).
