The pair traded upward on Tuesday but failed to reach 1.1765 - a 38.2% pullback level (red dotted line). Today, the price may roll back down. According to the economic calendar, euro news is expected at 07:20, 08:55, and 09:00 UTC, and dollar news is expected at 12:15, 12:30, 14:00, and 14:30 UTC.
Trend analysis (Fig. 1).
The market may move downward from the level of 1.1745 (closing of yesterday's daily candlestick) with the target of 1.1690 - a 38.2% pullback level (blue dotted line). In case of testing this line, the downward trend may continue with the next target at the support level 1.1661 (black bold line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may move down with the target at 1.1690 - a 38.2% pullback level (blue dashed line). In case of testing this line, the downward trend may continue with the next target at the support level 1.1661 (black bold line).
Another possible scenario: upon reaching the level of 1.1690 (blue dashed line), the price may begin to move up with the target at 1.1765 - a 38.8% pullback level (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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