Trend analysis (fig. 1).
On Tuesday, the price is trying to extend its downward movement from 1.3856 (the closing level of yesterday's daily candlestick) to 1.3762, the support line of the upward channel (the red bold line). If the price tests this level, it may go up to the 1.3944 target, the 85.4% retracement level (the yellow dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - downtrend
- Fibonacci levels analysis - downtrend
- volume analysis - downtrend
- candlestick analysis - downtrend
- trend analysis - downtrend
- Bollinger bands analysis - downtrend
- weekly chart analysis - downtrend
Conclusion:
Today, the price is trying to extend its downward movement from 1.3856 (the closing level of yesterday's daily candlestick) to 1.3762, the support line of the upward channel (the red bold line). If the price tests this level, it is likely to go up to the 1.3944 target, the 85.4% retracement level (the yellow dotted line).
Alternatively, the price may try to extend its downward movement from 1.3856 (the closing level of yesterday's daily candlestick) to 1.3762, the support line of the upward channel (the red bold line). If the price tests this level, it may go down to the 1.3691 target, the lower border of the Bollinger bands indicator (the black dotted line).
The material has been provided by InstaForex Company - www.instaforex.com