The pair traded upward on Tuesday and almost tested 1.2910 - a 21-day EMA (black thin line). Today, the price may roll back down. According to the economic calendar, 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 1.2861 (closing of yesterday's daily candlestick) with the target at the historical support level 1.2769 (white dotted line). In case of testing this line, an upward pullback is possible with the target of 1.2903 - a 21-day EMA (black thin line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today, the price may move down from the level of 1.2861 (closing of yesterday's daily candlestick) with the target at the historical support level 1.2769 (white dashed line). In case of testing this line, an upward pullback is possible with the target of 1.2903 - a 21-day EMA (black thin line).
Another possible scenario: from the level of 1.2861, the price may continue to move down with the target at the historical support level 1.2769 (white dashed line). In case of testing this line, the downward trend may continue with the next target of 1.2721 - a 61.8% pullback level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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