Trend analysis (Fig. 1).

Today, the market from the level of 1.2911 (closing of yesterday’s daily candle) will try to continue moving down with the target of 1.2883 – the support line (red bold line). When this line will be reached, the price can start moving up with the next target of 1.2983 – a pullback level of 38.2% (blue dotted line). In testing this level, a further work going up with the target of 1.3083 is the upper fractal (red dotted line).

analytics5f8958ca9d8bb.jpg

Figure 1 (daily chart).

Complex Analysis:

  • Indicator Analysis – up
  • Fibonacci Levels – up
  • Volumes – up
  • Candle Analysis – up
  • Trend Analysis – up
  • Bollinger Bands – down
  • Weekly Chart – up

General Conclusion:

Today, the price from the level of 1.2911 (closing of yesterday’s daily candle) will try to continue moving down with the target of 1.2883 – the support line (red bold line). When this line will be reached, the price can start moving up with the next target of 1.2983 – a pullback level of 38.2% (blue dotted line). In testing this level, a further work going up with the target of 1.3083 is the upper fractal (red dotted line).

Alternative scenario: when moving down and testing the support line 1.2883 (red bold line), the continuation of the downward movement to the next target 1.2831 is a rollback level of 61.8% (red dotted line).

The material has been provided by InstaForex Company – www.instaforex.com

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