Trend Analysis (Fig. 1).
On Wednesday, from the level of 1.1655 (yesterday's daily candle close), the market may continue downward toward 1.1593 — the 61.8% retracement level (blue dotted line). Upon testing this level, the price may rebound upward toward 1.1608 — a historical resistance level (light-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: from the level of 1.1655 (yesterday's daily candle close), the price may continue downward toward 1.1608 — a historical resistance level (light-blue dotted line). Upon testing this level, the price may rebound upward toward 1.1645 — the lower fractal (red dotted line).
