Trend analysis (Fig. 1).
On Friday, the market from the level of 1.3430 (yesterday's daily close) may continue moving downward with a target at 1.3366 – the 50% retracement level (yellow dotted line). Upon testing this level, the price may rebound upward with a target at 1.3405 – the historical resistance 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 – up.
Overall conclusion: downward trend.
Alternative scenario: From the level of 1.3430 (yesterday's daily close), the price may continue moving downward with a target at 1.3405 – the historical resistance level (blue dotted line). Upon testing this level, the price may rebound upward with a target at 1.3420 – the 38.2% retracement level (yellow dotted line).
