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The pair moved up yesterday and tested the resistance level of 1.2169 (blue bold line). And then, it went down quite strongly and closed the daily candle at 1.2105. Today, the market may continue to move down. As per the economic calendar, news is expected at 8.00 UTC for the euro and 13.30, 19.00 UTC for the dollar.
Trend analysis (Fig. 1).
On Wednesday, the market will try to continue its downward movement from the level of 1.2105 (closing of yesterday's daily candle) in order to reach the historical resistance level of 1.2075 (blue dotted line). Upon reaching this level, it is likely to further move downwards with the target of 1.1978, the support line (white thin line).
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price may continue to move downwards in order to reach the historical resistance level - 1.2075 (blue dotted line). Upon reaching this level, it is likely to further move downwards with the target 1.1978, the support line (white thin line).
Unlikely scenario: the price may move down and reach the historical resistance level - 1.2075 (blue dotted line). Upon reaching this level, it is likely to rise further with the target of 1.2102, which is the 76.4% retracement level (yellow dotted line).
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