Trend analysis (Fig. 1).
On Thursday, the market from the level of 1.1660 (yesterday's daily close) may start moving downward with the target at 1.1594 – the 50% retracement level (yellow dotted line). Upon testing this level, the price may bounce upward toward 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.
Overall conclusion: downward trend.
Alternative scenario: On Thursday, the market from the level of 1.1660 (yesterday's daily close) may start moving downward with the target at 1.1566 – the 50% retracement level (blue dotted line). Upon testing this level, the price may bounce upward toward 1.1594 – the 50% retracement level (yellow dotted line).
