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The pair traded upwards on Monday and tested 1.2510 - a 76.4% pullback level (presented in a blue dotted line) after that, the price went down. Today, a downward pullback is possible. Nothing is expected for economic calendar news.
Trend analysis (Fig. 1).
Today, a downward pullback is possible from the level of 1.2492 (closing of yesterday's candle) with the first target of 1.2460 - a 14.6% pullback level (presented in a red dashed line). If this level is reached, the downward trend may continue with the next target of 1.2420 (presented in a red dashed line). From this level, an upward pullback is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - down;
- Weekly schedule - up.
General conclusion:
Today, the price may begin to move downwards with the target of 1.2460 - a 14.6% retracement level (presented in a red dotted line). If this level is reached, the downward trend may continue with the next target of 1.2420 (presented in a red dashed line). From this level, an upward pullback is possible.
Another possible scenario is an upward trend from the level of 1.2460 with a target at the upper fractal 1.2526 (presented in a red dashed line).
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