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Trend analysis (Fig. 1).
On Monday, the market from the level of 1.3812 (the closing of last Friday's daily candlestick) may continue to move down with the target of 1.3793 - the support line of the ascending channel (red bold line). After testing this line, it is possible to turn up with a target of 1.3948 - the 50.0% retracement level (blue dotted line). And upon reaching this line, it is possible to move up with the target of 1.4413 - the 50.0% retracement level (blue dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price from the level of 1.3812 (the closing of last Friday's daily candlestick) is likely to continue to move down with the target of 1.3793 - the support line of the ascending channel (red bold line). After testing this line, it is possible to turn up with a target of 1.3948 - the 50.0% retracement level (blue dotted line). And upon reaching this line, it is possible to move up with the target of 1.4413 - the 50.0% retracement level (blue dotted line).
Unlikely scenario: from the level of 1.3812 (the closing of last Friday daily candlestick), the pair may continue to move down with the target of 1.3793 - the support line of the ascending channel (red bold line). After testing this line, the downward movement may continue with the target of 1.3707 - the support line (blue bold line). After reaching this line, it is possible to move up with the target of 1.3800 – the 23.6% retracement level (blue dotted line).
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