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The pair continued to move downward on Wednesday, almost testing a pullback level of 50.0% - 1.0893 (blue dashed line). Non-revenue gained to only 11 points. After that, the price went up. Today, the downward movement may continue. Strong calendar news for the dollar is expected at 12:30 UTC.
Trend analysis (Fig. 1).
Today, the pair needs to break through the strong lower fractal 1.0904 to continue moving down, and we work depending on this level. When breaking down, the downward work with the first target of 1.0832 is a retracement level of 61.8% (blue dashed line). At the rebound from the level of 1.0904 (lower fractal), upper work with the first goal of 1.1067, the retracement level of 50.0% (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price will try to continue moving down with the first target at 1.0832, a retracement level of 61.8% (blue dashed line).
An unlikely scenario: from the lower fractal 1.0904 work up, with the target of 1.1067, a pullback level of 50.0% (red dashed line).
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