Trend analysis (Fig. 1).

Today, the market will try to continue moving down from the level of 1.1813 (the closing of yesterday’s daily candle) in order to reach the pullback level of 38.2% at 1.1798 (red dotted line). If this level is tested, the downward movement will continue with the target of 1.1760 which is a 50% pullback level (red dotted line). After reaching this level, further work up with the goal of 1.1781 which is a rollback level of 61.8% (blue dotted line).


Figure 1 (daily chart).

Complex analysis:

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

General conclusion:

Today, the price may continue to move down with the target of 1.1798 which is a pullback level of 38.2% (red dotted line). If this level is tested, further downward work is possible with the goal of 1.1760 which is a 50% pullback level (red dotted line).

Unlikely scenario: When moving down and reaching the pullback level of 38.2% at 1.1798 (red dotted line), the price may start moving up to the pullback level of 85.4%, 1.1842 (blue dotted line).

The material has been provided by InstaForex Company –

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