The pair traded downward on Tuesday almost testing the lower boundary of the Bollinger line indicator at 1.1753 (blue dashed line). Today the price may continue to move down. No news is expected on the economic calendar.
Trend analysis (Fig. 1).
The market may continue to move downward from the level of 1.1779 (closing of yesterday's daily candle) with the target at the support level of 1.1688 (black bold line). If this level is tested, the price may begin to move upward with the target of 1.1823 - a 61.8% pullback level (blue dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger lines - up;
- Weekly chart - down.
General conclusion:
Today, the price may continue to move downward with the target at the support level of 1.1688 (black bold line). If this level is tested, the price may begin to move upward with the target of 1.1823 - a 61.8% pullback level (blue dashed line).
Another possible scenario is upon reaching the support level of 1.1688 (black bold line), the price may continue to move downward with the next target of 1.1590 - a 50% pullback level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com