The pair traded downward on Wednesday and tested 1.1813 - a 23.6% pullback level (red dotted line) then the price went up. Today, the downward trend may continue. Based on the economic calendar, euro news is expected at 09:00 UTC, and dollar news is expected at 12:30 UTC.
Trend analysis (Fig. 1).
The market may continue to move down from the level of 1.1818 (closing of yesterday's daily candlestick) with the target at the support level 1.1758 (white thick line). When testing this line, the price may start moving upwards with the target of 1.1823 - a 61.8% pullback level (blue dashed line). The upward trend may continue with the next target at the historical resistance level of 1.1912 (blue dotted line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
The market may continue to move down from the level of 1.1818 (closing of yesterday's daily candlestick) with the target at the support level 1.1758 (white thick line). When testing this line, the price may begin to move upwards with the next target of 1.1823 - a 61.8% pullback level (blue dashed line).
Another possible scenario is from the level of 1.1818 (closing of yesterday's daily candlestick), the price may continue to move downward with the target at the support level 1.1758 (white thick line). When testing this line, the downward trend may continue with the next target of 1.1690 - a 38.2% pullback level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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