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Trend analysis (Fig. 1).
On Wednesday, the market from the level of 1.3819 (closing of yesterday's daily candlestick) will try to continue moving downward in order to reach the support line of the upward trend, 1.3778 (red bold line). In case of testing this line, it is possible to move upwards with the target of 1.3882 - the 38.2% retracement level (blue dashed line). And when this line is reached, the upward movement may continue with the target of 1.3948 - the 50% retracement level (blue dashed line).
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, from the level of 1.3819 (closing of yesterday's daily candlestick), the price will try to continue moving downward in order to reach the support line of the upward trend, 1.3778 (red bold line). In case of testing this line, it is possible to move upwards with the target of 1.3882 - the 38.2% retracement level (blue dashed line). And when this line is reached, the upward movement may continue with the target of 1.3948 - the 50% retracement level (blue dashed line).
Unlikely scenario: the price from the level of 1.3819 (closing of yesterday's daily candlestick) will try to continue moving downward in order to reach the support line of the upward trend 1.3778 (red bold line). If this line is tested, the downward movement may continue with the target of 1.3668 - the lower fractal (blue dashed line). And in case of testing this level, upward movement is possible, with the target of 1.3750 - the 14.6% retracement level (blue dashed line).
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