Trend Analysis (Fig. 1)
On Thursday, from the level of 1.3378 (yesterday's daily candle close), the market may begin moving downward toward the target of 1.3378 – the 5-period EMA (thin red line). From this line, the price may possibly rebound upward toward the target of 1.3400 – a historical resistance level (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: a downward trend.
Alternative Scenario:From the level of 1.3378 (yesterday's daily candle close), the price may begin moving downward toward the target of 1.3316 – the 8-period EMA (thin blue line). From this line, the price may possibly rebound upward toward the target of 1.3367 – the 50% retracement level (blue dotted line).
