The pair moved in a sideway channel last Friday. First, the market tested the upper fractal of 1.3632 (daily candle from 01/072021) and then the price went down, closing the daily candle at 1.3565. Today, the economic calendar is not expected and the price may continue to go down.
Trend Analysis (Figure 1).
Today, the market can continue to go down from the level of 1.3565 (Friday's daily candle close) with the target of 1.3481 at the historical resistance level (blue dotted line). When testing this line, it will continue to go down with the target of 1.3367 at the pullback level of 14.6% (red dotted line).
Figure 1 (daily chart).
Comprehensive Analysis:
- Indicator Analysis - down
- Fibonacci Levels - down
- Volumes - down
- Technical Analysis - down
- Trend Analysis - down
- Bollinger Bands - down
- Weekly Chart - down
General Conclusion:
Today, the price can continue to move down with the target of 1.3481 at the historical resistance level (blue dotted line). When testing this line, it will go down with a target of 1.3367 at the pullback level of 14.6% (red dotted line).
Unlikely scenario: from the level of 1.3565 (Friday's daily candle close), the historical resistance level (blue dotted line) may continue to go down with the target of 1.3481. When testing this line, it is possible to go up with a target of 1.3676 at the pullback level of 76.4% (yellow dotted line).
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