Trend Analysis (Fig. 1)
On Thursday, from the level of 1.1704 (yesterday's daily close), the market may begin moving downward toward the target of 1.1653 – the 14.6% retracement level (blue dashed line). Upon testing this level, the price may retrace upward toward the target of 1.1673 – the 5-period EMA (thin red 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: Downtrend.
Alternative scenario: On Thursday, from the level of 1.1704 (yesterday's daily close), the market may begin moving downward toward the target of 1.1640 – the 61.8% retracement level (yellow dashed line). Upon testing this level, the price may retrace upward toward the target of 1.1653 – the 14.6% retracement level (blue dashed line).
