Trend Analysis (Fig. 1).
On Wednesday, the market from the level of 1.1648 (yesterday's daily close) may continue moving downward, targeting 1.1594 – the 50% retracement level (yellow dotted line). Upon testing this level, the price may possibly bounce upward, targeting 1.1608 – the 38.2% retracement level (blue dotted 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.
General conclusion: downward trend.
Alternative scenario: from the level of 1.1648 (yesterday's daily close), the price may continue to move downward, targeting 1.1567 – the 50% retracement level (blue dotted line). Upon testing this level, the price may bounce upward, targeting 1.1594 – the 50% retracement level (yellow dotted line).
