The pair traded upward on Tuesday and tested the upper boundary of the Bollinger line indicator at 1.1976 (purple dotted line), after that the price went down. Today the price may again roll back down. Economic calendar news for the dollar is expected at 12:15 and 14:30 UTC.
Trend analysis (Fig. 1).
The market may begin to move down from the level of 1.1914 (closing of yesterday's daily candle) with the first target at 1.1813 - a 23.6% pullback level (red dotted line). In case of reaching this level, the downward trend may continue with the next target at the support level 1.1692 (black bold line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - neutral;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may begin to move down with the target at 1.1813 - a 23.6% pullback level (red dotted line). In case of reaching this level, the downward trend may continue with the next target at the support level 1.1692 (black bold line).
Another possible scenario is a downward movement to 1.1888 - a 14.6% pullback level (red dotted line). Frome here, the price may roll back up to the upper fractal 1.2012 (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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