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The pair traded upward on Friday and tested the historical resistance level 1.1910 (blue dotted line) then the price went down. Today the price may continue to move down. Economic calendar news for the euro is expected at 07:55 UTC, and for the dollar at 14:00 UTC.
Trend analysis (Fig. 1).
The market may continue to move downward from the level of 1.1781 (closing of the Friday's daily candle) with the target at the support line 1.1723 (black bold line). If this level is reached, the downward movement may continue with the next target at 1.1656 - a 23.6% pullback level (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - down.
General conclusion:
Today the price may move downward aiming at the support line 1.1723 (black thick line). If this level is reached, the downward movement may continue with the next target of 1.1656 - a 23.6% pullback level (red dashed line).
Another possible scenario is upon reaching the support line 1.1723 (black bold line), the price may resume moving upward with the target at the upper fractal 1.1910 (red dotted line).
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