The pair traded downward on Monday and broke through the level of 1.3192 - a 23.6% pullback (red dotted line). Today, the downward movement may continue. No news is expected on the economic calendar news.
Trend analysis (Fig. 1).
The market may continue to move downward from the level of 1.3168 (closing of yesterday's daily candle) with the target at the level of 1.3012 - a 38.2% pullback (red dotted line). In case of reaching this level, the downward trend may continue with the next target at the support level of 1.2964 (black bold 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 continue to move downward from the level of 1.3168 (closing of yesterday's daily candle) with the target at the level of 1.3012 - a 38.2% pullback (red dotted line). In case of reaching this level, the downward trend may continue with the next target at the support level of 1.2964 (black bold line).
Another possible scenario is a downward movement to the lower fractal 1.3140 (candlestick from 09/07/2020). After testing this level, the price may move upward with the target at the level of 1.3209 - an 85.4% pullback (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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