Yesterday, the pair worked out the news and went down quite strongly, breaking through the 50% retracement level, which is 1.1975 (red dotted line). The price closed the daily candlestick at 1.1970. Today, the market will try to continue working down. As per the economic calendar, news is expected at 13.30 and 19.00 UTC (USD).

Trend analysis (Fig. 1).

Today, from the level of 1.1970 (closing yesterday’s daily candle), the market will move down and try to reach the historical support level of 1.1954 (blue dotted line). If this line is tested, it is likely to work upwards with the target of 1.2075 – the historical resistance level (blue dotted line). Much will depend on the news that comes out at 13.30 UTC.

analytics6041dc095a52a.jpg

Fig. 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, from the level of 1.1970 (closing yesterday’s daily candle), the price will move down and try to reach the historical support level of 1.1954 (blue dotted line). If this line is tested, it is likely to work upwards with the target of 1.2075, which is the historical resistance level (blue dotted line). Much will depend on the news that comes out at 13.30 UTC.

Alternative scenario: from the level of 1.1970 (closing of yesterday’s daily candle), the price will move down and try to reach the historical support level of 1.1954 (blue dotted line). If this line is tested, it is likely to continue working downwards with the target of 1.1887 – the 61.8% retracement level (red dotted line).

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

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