The price on Monday began to move down after testing the area consisting of 21 average EMA (black thin line) - 1.2693 and historical resistance level of 1.2700 (blue dashed line). On Wednesday, most likely there will be a side channel with a lower slope. Therefore, strong calendar news is not expected. The market is also narrow (in many countries a day off).
Trend analysis (Fig. 1).
On Wednesday, a downward movement is possible with the lower target 1.2639 - a rolling level of 38.2% (yellow dashed line).
Fig. 1 (daily schedule).
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - down;
- trend analysis - up;
- Bollinger lines - up;
- weekly schedule - up.
General conclusion:
A downward movement is possible with the lower target 1.2639 - a rolling level of 38.2% (yellow dashed line) on Wednesday (December 26).
The material has been provided by InstaForex Company - www.instaforex.com