Trend analysis (Fig. 1).

Today, the market may continue to move downward from the level of 1.2121 (closing of Friday’s daily candlestick), with the first lower target – a pullback level of 14.6%, 1.2093 (red dotted line). If this line is tested, we can expect the continuation of the upper work with the target of 1.2177 – the resistance level (blue bold line).

analytics5fcdd0f1bf16d.jpg

Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis – down
  • Fibonacci levels – down
  • Volumes – down
  • Candlestick analysis – down
  • Trend analysis – down
  • Bollinger bands – down
  • Weekly chart – down

General conclusion:

Today, the price may continue to move downward with the target of the pullback level of 14.6%, 1.2093 (red dotted line). If this line is tested, we can expect the continuation of the upper work with the target of 1.2177 – the resistance level (blue bold line).

Alternative scenario: from the level of 1.2121 (closing of the Friday daily candlestick), the pair may work downward in order to reach the pullback level of 14.6%, 1.2093 (red dotted line). If this line is tested, we can expect the lower work to continue with the target of 1.2072 – the historical support level (blue dotted line).

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

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