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The pair traded upward on Friday and tested the upper fractal 1.1908 (red dotted line), then the price went down, dropping to the opening point of the daily candle. The market closed Friday's candle at 1.1878. Today, the price may roll back down. No news is expected.
Trend analysis (Fig. 1).
The market may roll back down from the level of 1.1878 (closing of Friday's candle) with the target at 1.1851 - the 23.6% retracement level (red dotted line). A breakdown of this level is still unlikely. A test, meanwhile, may form an upward pullback with the target at 1.1909 - the upper fractal (red dotted line).
Fig. 1 (Daily chart)
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today, the price may roll back down from the level of 1.1878 (closing of Friday's candle) with the target at 1.1851 - the 23.6% retracement level (red dotted line). A breakdown of this level is still unlikely. A test, meanwhile, may form an upward pullback with the target at 1.1909 - the upper fractal (red dotted line).
Alternative scenario: from the level of 1.1878 (closing of Friday's candle), the price may roll back down with the target at 1.1851 - the 23.6% retracement level (red dotted line). A breakdown of this level will lead to a further downward movement with the next target of 1.1815 (red dotted line). When testing this level, an upward pullback is possible with the target of 1.1909 - the upper fractal (red dashed line).
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