Trend Analysis (Fig. 1).
On Tuesday, the market, from the level of 1.1590 (yesterday's daily candle close), may continue moving downward toward the target of 1.1556 – a historical support level (blue dashed line). When testing this level, the price may possibly retrace upward to test the 23.6% retracement level at 1.1574 (yellow thin line).
Fig. 1 (daily chart).
Comprehensive Analysis:
- indicator analysis – 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 1.1590 (yesterday's daily candle close), the price may begin a downward movement toward 1.1534 – the 14.6% retracement level (yellow dashed line). When testing this level, the price may possibly retrace upward toward 1.1556 – the historical support level (blue dashed line).
