The pair traded downward on Tuesday and tested the support level of 1.2981 (black bold line). Today the price may continue to move down. Economic calendar news for the dollar is expected at 12:00 and 14:00 UTC.
Trend analysis (Fig. 1).
The market may continue to move downward from the level of 1.2983 (closing of yesterday's daily candle) with the target of 1.2866 - a 50.0% pullback level (red dotted line). In case of testing this level, the price may move upward with the target of 1.3019 - a 76.4% pullback level (blue dashed 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 - up.
General conclusion:
Today, the price may continue to move downward from the level of 1.2983 (closing of yesterday's daily candle) with the target of 1.2866 - a 50.0% pullback level (red dotted line). In case of testing this level, the price may move upward with the target of 1.3019 - a 76.4% pullback level (blue dashed line).
Another possible scenario is from the level of 1.2983 (closing of yesterday's daily candle) the price may begin to move upwards with the target of 1.3209 - an 85.4% pullback level (blue dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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