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The price tested the support line of the symmetrical triangle (red thick line), but not anymore. Candlestick analysis and volumes also moved down. Moreover, the prices still cannot break through the receding level of 23.6%, only by testing this level. This may well suffice for a black receding day.
Trend analysis (Figure 1).
On Thursday, despite the fact that the week is white, the market can work down on quite strong signals for a comprehensive analysis with the first target of 1.1548 a retracement level of 23.6% (yellow dotted line). There is a strong calendar news, which can make an adjustment in the price movement.
Fig. 1 (daily chart).
Complex analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candle analysis - down;
- trend analysis - down;
- Bollinger lines - up;
- Weekly schedule - up.
General conclusion:
On Thursday, the price will move down with the first target of 1.1548 and the recession level of 23.6% (yellow dotted line).
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