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On Monday, the price moved down to the side channel. Today, the downward movement is expected to continue. Strong calendar news is expected at 12.45 Universal time and 14.00 Universal time (dollar). Another reason for the downward movement of the pair is the expectation of the speech by the head of the United States Federal Reserve System (FED), which can clarify the prospects of monetary policy in the country.
Trend analysis (Fig. 1).
On Tuesday, the price may continue the downward trend, but first, it needs to overcome the lower fractal 1.1208, which the price could not overcome yesterday. The first target remains the same 1.1180 - a pullback level of 76.4% (yellow dotted line).
Fig. 1 (daily schedule).
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - down;
- trend analysis - down;
- Bollinger lines - down;
- weekly schedule - down.
General conclusion:
On Tuesday, the price may continue the downward trend, but first, it needs to overcome the lower fractal 1.1208, which the price could not overcome yesterday. The first target remains the same 1.1180 - a pullback level of 76.4% (yellow dotted line). The market is waiting for the speech of Fed Chairman Jerome Powell before the US Congress, which will be held on Wednesday and Thursday. Investors hope to get more information on regulator plans.
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