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On Monday, the euro/dollar pair tested the pullback level of 50.0% - 1.1912 (blue dotted line) and went up, closing the daily candlestick at 1.1927. Today, it may continue to decline. On Tuesday, important macroeconomic reports are due at 13.00 GMT (EUR) and 15.30 GMT (USD).
Trend analysis (pic. 1).
On Tuesday, the euro/dollar pair is likely to continue to decrease from the level of 1.1927 (the closing of yesterday's daily candlestick) to the target of 1.1904- the support level (blue bold line). After having tested this level, it may continue its downward movement to the target of 1.1887 – the 61.8% retracement level (red dotted line).
Pic. 1 (daily chart).
Complex analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - down;
- trend analysis - down;
- Bollinger bands - down;
- weekly chart - down.
Conclusion:
Today, the price may continue its downward movement from the level of 1.1927 (the closing level of yesterday's candlestick) to the target located at 1.1904, which is the support level (blue bold line). When testing this level, the price may continue to decline to the target of 1.887 - the 61.8% retracement level (red dotted line).
Alternative scenario: the pair may drop to the target level of 1.1904-the support level (blue bold line) from the level of 1.1927 (the closing of yesterday's daily candlestick). After testing this level, it may rise to the target of 1.1931 - the 23.6% retracement level (white dotted line).
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