Trend Analysis (Fig. 1).
On Thursday, from the level of 1.3400 (yesterday's daily candle close), the market may continue moving downward with a target at 1.3332 – the lower fractal (red dashed line). From this level, the price may possibly bounce upward with a target at 1.3364 – the 61.8% retracement level (yellow dashed line).
Fig. 1 (Daily Chart).
Comprehensive Analysis:
- Indicator analysis – downward;
- Fibonacci levels – downward;
- Volumes – downward;
- Candlestick analysis – downward;
- Trend analysis – downward;
- Bollinger Bands – downward;
- Weekly chart – downward.
Overall conclusion: Downward trend.
Alternative scenario: From the level of 1.3400 (yesterday's daily candle close), the price may continue moving downward with a target at 1.3364 – the 61.8% retracement level (yellow dashed line).
From this level, the price may possibly bounce upward with a target at 1.3401 – the 14.6% retracement level (blue dashed line).
