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The pair continued to move down yesterday and break through the support line 1.0847 (blue bold line). Today, strong calendar news for the dollar is expected at 13:30 UTC. The price may roll back up, so I assume the bears will want to take profits.
Trend analysis (Fig. 1).
The market may begin to move up today with the target of 1.0889, the retracement level of 14.6% (red dashed line). Upon reaching this level, there is a continuation of the upper movement with the target 1.0926, the retracement level of 23.6% (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly schedule - up.
General conclusion:
An upward movement is expected today with the target of 1.0889, the retracement level of 14.6% (red dashed line).
An unlikely but possible scenario is from the resistance line 1.0846 (blue bold line), there is a continuation of work down with the target 1.0794, the lower border of the Bollinger line indicator (blue dashed line).
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