Trend Analysis (Fig. 1)
On Thursday, from the level of 1.3571 (yesterday's daily close), the market may continue moving upward toward the target of 1.3587 – the upper fractal (red dashed line). From this level, the price may reverse downward toward the target of 1.3522 – the 85.4% retracement level (red 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: Downtrend.
Alternative scenario: From the level of 1.3571 (yesterday's daily close), the price may continue moving upward toward 1.3587 – the upper fractal (red dashed line). From this level, the price may reverse downward toward 1.3482 – the 76.4% retracement level (red dashed line).
