Trend analysis (Fig. 1).

Today, the market may continue to move downward from the level of 1.1852 (closing of yesterday’s daily candle) with the target of 1.1811 at the historical support level (blue dotted line). When testing this level, there will be further work going downward with the target of 1.1798 at the retracement level of 38.2% (red dotted line). Upward work is possible from this level.

analytics5fb610519b778.jpg

Figure: 1 (daily chart).

Comprehensive Analysis:

  • Indicator Analysis – down
  • Fibonacci levels – down
  • Volumes – down
  • Candlestick Analysis – down
  • Trend Analysis – down
  • Bollinger Lines – up
  • Weekly Chart – up

General conclusion:

Today, the market may start moving down from the level of 1.1852 (closing of yesterday’s daily candle) with the target of 1.1811 at the historical support level (blue dotted line). When testing this level, there will be further work going downward with the target at 1.1798 at the retracement level of 38.2% (red dotted line). Upward work is possible from this level.

Alternative scenario: when moving down and testing the historical support level 1.1811 (blue dashed line), the price may start moving up with the target of 1.1832 at a retracement level of 50.0% (blue dashed line). When testing this level, there will be further work going upward with the target of 1.1853 at the 61.8% retracement level (blue dotted line).

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

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