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The pair moved down on Monday and reached 1.3822 - a 23.6% retracement level (yellow dashed line), then went up a little, closing the daily candle at 1.3832. Today, a downward pullback is possible to the level of 1.3800, then the upward trend will resume. No news is expected.
Trend analysis (Fig. 1).
The market may continue to move downward from the level of 1.3832 (closing of Monday's daily candle) with the target of 1.3800 - the historical support level (blue dotted line). When testing this level, an upward pullback may form with the target of 1.3890 - the upper fractal (yellow dashed line).
Fig. 1 (Daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may continue to move downward from the level of 1.3832 (closing of Monday's daily candle) with the target of 1.3800 - the historical support level (blue dotted line). When testing this level, an upward pullback may form with the target of 1.3890 - the upper fractal (yellow dashed line).
Alternative scenario: from the level of 1.3832 (closing of Monday's daily candle), the price may continue to move downward with the target at 1.3800 - the historical resistance level (blue dotted line). When testing this level, the downward movement may continue with the target of 1.3779 - the 38.2% retracement level (yellow dashed line), where an upward pullback may form.
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