The pair continued to trade downwards on Friday after breaking through 1.0917 - a 23.6% pullback level (presented in a red dotted line) and then tested the 21 average EMA at 1.0885 (presented in a black thin line) then went up. Today, the price may continue to move down. Economic calendar news for the euro is expected at 08:00 UTC.
Trend analysis (Fig. 1).
Today, the downward trend may continue from the level of 1.0904 (closing of the Friday afternoon candle) with the target of 1.0860 - a 61.8% retracement level (presented in a red dotted line). From this level, an upward pullback is possible with the target of 1.0924 - a 61.8% retracement level (presented in a blue dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price will continue to move downwards with the target of 1.0860 - a 61.8% retracement level (presented in a red dashed line). From this level, an upward pullback is possible.
Another possible scenario is a continuous downward trend from 1.0860 - a 61.8% rollback level (presented in a red dotted line) with the target at the support line 1.0821 (presented in a blue bold line).
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