Trend analysis (Fig. 1).
Today, the market from the level of 1.3223 (closing of yesterday’s daily candlestick) can continue to work down with the goal of 1.3163 – a pullback level of 23.6% (red dotted line). After testing this line, continue working down with the target of 1.3070 – a pullback level of 38.2% (red dotted line). Upon reaching this level, upward work is possible.
Figure 1 (Daily Chart).
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – down.
Today, the price from the level of 1.3223 (closing of yesterday’s daily candlestick) can continue to work downward with the goal of 1.3163 – a pullback level of 23.6% (red dotted line). After testing this line, continue working down with the target of 1.3070 – a pullback level of 38.2% (red dotted line).
Alternative scenario: when moving down and reaching the pullback level of 23.6% – 1.3163 (red dotted line), the market will try to move up with the goal of 1.3251 – the historical resistance level (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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