Trend analysis (Fig. 1).
On Friday, from the level of 1.1664 (yesterday's daily candle close), the market may start moving downward toward 1.1626 — the 23.6% retracement level (blue dashed line). Upon testing this level, the price may resume upward movement toward 1.1698 — the upper fractal (blue dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – down;
- Bollinger Bands – down;
- Weekly chart – down.
Overall conclusion: Downward trend.
Alternative scenario: Today, from the level of 1.1664 (yesterday's daily candle close), the price may start moving downward toward 1.1618 — the 21-period EMA (thin black line). Upon testing this line, a retracement upward toward 1.1698 — the upper fractal (blue dashed line) — is possible.
