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The pair moved up on Monday, tested 1.3724 - the 38.2% retracement level (yellow dashed line), then moved down, closing the daily candle at 1.3694. On Tuesday, the market may move downward. News is expected at 14:00 UTC (dollar).
Trend analysis (Fig. 1).
The market may move down from the level of 1.3694 (closing of yesterday's daily candle) with the target of 1.3646 - the 85.4% retracement level (blue dotted line). After testing this level, the upward movement may continue with the target at 1.3724 - the 38.2% retracement level (yellow dashed 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 move down from the level of 1.3694 (closing of yesterday's daily candle) with the target of 1.3646 - the 85.4% retracement level (blue dotted line). After testing this level, the price may continue to move upward with the target at 1.3724 - the 38.2% retracement level (yellow dashed line).
Unlikely scenario: from the level of 1.3694 (closing of yesterday's daily candle), the price may move down with the target of 1.3646 - the 85.4% retracement level (blue dotted line). After testing this level, the price may continue to move down with the target of 1.3608 - the lower fractal (yellow dashed line). From here, an upward pullback is possible.
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