Trend analysis (Fig. 1)

Today, from the level of 1.3264 (the closing of yesterday’s daily candle) the market can continue to work down with the goal of 1.3117 which is a pullback level of 14.6% (red dotted line). After testing this line, continue working down with the target of 1.3159 which is a pullback level of 23.6% (red dotted line). When this level is reached, it is possible to work up.

analytics5fb5f591377d3.jpg

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, from the level of 1.3264 (the closing of yesterday’s daily candle), the price can continue to work down with the goal of 1.3117 which is a pullback level of 14.6% (red dotted line). After testing this line, continue working down with the target of 1.3159 which is a pullback level of 23.6% (red dotted line). When this level is reached, it is possible to work up.

Alternative scenario: When moving down and reaching the pullback level of 14.6% at 1.3117 (red dotted line), the market will try to move up with the goal of 1.3211 which is the upper fractal (red dotted line).

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

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