Trend Analysis (Fig. 1).
On Tuesday, from the level of 1.1709 (yesterday's daily candle close), the market may continue moving downward toward the target of 1.1655 – the 50% retracement level (blue dotted line). Upon testing this level, the price may possibly rebound upward toward the 14.6% retracement level (red dotted line).
Fig. 1 (Daily Chart).
Comprehensive Analysis:
- Indicator analysis – downward;
- Volumes – downward;
- Candlestick analysis – downward;
- Trend analysis – downward;
- Bollinger Bands – downward;
- Weekly chart – downward.
General conclusion: Downward trend.
Alternative scenario: From the level of 1.1709 (yesterday's daily candle close), the price may continue moving downward toward the target of 1.1645 – the lower fractal (red dotted line). Upon testing this level, the price may possibly rebound upward toward 1.1655 – the 50% retracement level (blue dotted line).
