Trend Analysis (Fig. 1).
On Wednesday, from the level of 1.3421 (yesterday's daily candle close), the market may possibly continue moving downward with the target at 1.3364 – retracement level 61.8% (yellow dotted line). When testing this level, the price may rebound upward with a target at 1.3381, retracement level 14.6% (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 Wednesday, from the level of 1.3421 (yesterday's daily candle close), the market may possibly continue moving downward with the target at 1.3381 – retracement level 14.6% (blue dotted line). When testing this level, the price may rebound upward with a target at 1.3389, retracement level 85.4% (red dotted line).
