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The pair traded upward on Wednesday, and tested 1.3836 - the 61.8% retracement level (yellow dotted line), closing the daily candle at 1.3836. Today, the price may move downward. News is expected at 12:30 UTC (dollar).
Trend analysis (Fig. 1).
The market may move downward from the level of 1.3836 (closing of yesterday's daily candle) to the target of 1.3791 - the 50.0% retracement level (yellow dashed line). When testing this level, the price may begin to move upward with the target of 1.3891 - the 76.4% retracement level (yellow dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price may move downward from the level of 1.3836 (closing of yesterday's daily candle) to the target of 1.3791 - the 50.0% retracement level (yellow dashed line). When testing this level, the price may begin to move upward with the target of 1.3891 - the 76.4% retracement level (yellow dashed line).
Alternative scenario: the price may move downward from the level of 1.3836 (closing of yesterday's daily candle) to the target of 1.3791 - the 50.0% retracement level (yellow dashed line). When testing this level, the price may continue to move downward with the target of 1.3769 - the support line (yellow bold line), where an upward pullback is expected.
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