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Trend analysis (Fig. 1).
Today, the market will try to continue moving down from the level of 1.1933 (the closing of yesterday's daily candle) with the target of 1.1912 – the 50% retracement level (blue dotted line). After this level is tested, the price may start working up with the target of 1.1954 - the historical resistance level (blue dotted line). When this level is tested, it is likely to rise further with the target of 1.1974 – 21 average EMA (black thin line).
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price will try to continue moving down from the level of 1.1933 (the closing of yesterday's daily candle) with the target of 1.1912 – the 50% retracement level (blue dotted line). After this level is tested, the price may start working up with the target of 1.1954 - the historical resistance level (blue dotted line). When this level is tested, it is likely to rise further with the target of 1.1974 – 21 average EMA (black thin line).
Alternative scenario: from the level of 1.1927 (the closing of yesterday's daily candle), the price will try to make a downward movement with the target of 1.1912 –the 50% retracement level (blue dotted line). After this level is tested, the price may continue to work downwards with the target of 1.1887 – the 61.8% retracement level (red dotted line).
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