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Trend analysis (Fig. 1).
The euro-dollar pair may move downward from 1.0482 (close of yesterday's daily candle) to the support level at 1.0392 (thick blue line). After testing this level, the price may move upward with the target of 1.0416, the 14.6% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today the price may move downward from 1.0482 (close of yesterday's daily candle) to the support level at 1.0392 (thick blue line). After testing this level, the price may move upward with the target of 1.0416, the 14.6% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.
Alternative scenario: from the level of 1.0482 (close of yesterday's daily candle), the price may move downward to 1.0417, the 14.6% retracement level (red dotted line). After testing this level, an upward movement is possible with the target of 1.0471, the 38.2% retracement level (red dotted line).
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