The pair traded downward on Monday and tested the support level 1.1744 (white thick line). Today, the price may continue to move down. Based on the economic calendar, dollar news is expected at 14:00 and 14:30 UTC.
Trend analysis (Fig. 1).
The market may continue to move downward from the level of 1.1773 (closing of yesterday's daily candlestick) with the target at the support level 1.1745 (white thick line). If this level is tested, the downward trend may continue with the next target of 1.1690 - a 38.2% pullback level (red dotted line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today, the price may continue to move downward from the level of 1.1773 (closing of yesterday's daily candlestick) with the target at the support level 1.1745 (white bold line). If this level is tested, the downward trend may continue with the next target at 1.1690 - a 38.2% pullback level (red dotted line).
Another possible scenario: upon reaching the support level 1.1745 (white thick line), the price may begin to move upwards with the target at 1.1823 - a 61.8% pullback level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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