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The pair moved down on Tuesday but did not reach the lower fractal - 1.1562 (yellow dotted line), closing the daily candle at 1.1596. Today, the market may continue to move down. News is expected at 12:15 and 14:30 UTC (dollar).
Trend analysis (Fig. 1).
The market may move downward from the level of 1.1596 (closing of yesterday's daily candle) with the target at 1.1562 - the lower fractal (yellow dashed line). When testing this level, the price may move upward with the target at 1.1613 - the 14.6% retracement level (yellow dashed line). Much will depend on the news that comes out at 12:15 UTC.
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price may move down from the level of 1.1596 (closing of yesterday's daily candle) with the target at 1.1562 - the lower fractal (yellow dashed line). When testing this level, the price may move upward with the target at 1.1613 - the 14.6% retracement level (yellow dashed line).
Alternative scenario: from the level of 1.1596 (closing of yesterday's daily candle), the price may move down with the target at 1.1562 - the lower fractal (yellow dashed line). When testing this level, the downward movement may continue with the target at 1.1512 - the 161.8% target level (red dashed line).
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