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The pair continued its downward movement yesterday after testing the pullback level of 76.4% equivalent to 1.3006, presented in a blue dashed line. Today, strong calendar news for the dollar is expected at 15:00, 15:30, 19:00 and 19:30 UTC. The Fed will most likely keep the interest rates unchanged.
Trend analysis (Fig. 1).
A downward side-channel is expected today until 19:00 UTC with the target 1.3010, the support line in a red bold line. After this, an upward movement is expected with the first target of 1.3051, the retracement level of 38.2% presented in a red dashed line. In case of testing this line, a continuation of work up with the target of 1.3098, the retracement level of 61.8% presented in a red dashed line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly schedule - up.
General conclusion:
The price may start to move up today.
A downward scenario is unlikely but quite possible. That is, from the support line 1.3010, presented in a red bold line, work down with the target and the lower fractal at 1.2975.
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