Trend Analysis (Fig. 1).
On Wednesday, from the level of 1.3487 (yesterday's daily close), the market may continue moving downward toward the target of 1.3420 – the 38.2% retracement level (yellow dotted line). Upon testing this level, a price rebound upward is possible toward 1.3457 – the 21-day EMA (thin black line).
Fig. 1 (daily chart).
Comprehensive Analysis:
- Indicator analysis – downward;
- Fibonacci levels – downward;
- Volumes – downward;
- Candlestick analysis – downward;
- Trend analysis – downward;
- Bollinger Bands – downward;
- Weekly chart – downward.
Overall conclusion: bearish trend.
Alternative scenario: On Wednesday, from the level of 1.3487 (yesterday's daily close), the market may continue downward toward the 1.3457 target – the 21-day EMA (thin black line).
Upon testing this line, a rebound upward is possible toward 1.3481 – the 76.4% retracement level (red dotted line).
