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Trend analysis (Fig. 1).
On Wednesday, the pair is likely to fall from 1.2076 (closing of yesterday's daily candlestick) to 1.2045 support (white bold line). Once the line is tested, the price could rise to the 61.8% retracement level of 1.2112 (red dotted line) and extend growth.
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - up
- Fibonacci levels - up
- volumes - up
- candlestick analysis - down
- trend analysis - up
- weekly chart - up
- Bollinger Bands – up
Final thoughts:
Today, the pair is likely to fall from 1.2076 (closing of yesterday's daily candlestick) to 1.2045 support (white bold line). Once the line is tested, the price could rise to the 61.8% retracement level of 1.2112 (red dotted line) and extend growth.
Alternative scenario: the quote may drop from 1.2076 (closing of yesterday's daily candlestick) to the 50.0% retracement level of 1.2025 (blue dotted line). If the price tests the mark, it may then rise to the 61.8% retracement level of 1.2112 (red dotted line).
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