After the top test of the resistance line presented in a black bold line, the pair made a pullback downward movement on Friday and tested the pullback level of 50.0% equivalent to 1.3064, presented in a blue dashed line. Today, strong calendar news for the dollar is expected at 15:00 UTC. A possible continuation of work down.
Trend analysis (Fig. 1).
A downward movement is expected today with the target of 1.3033, the support line in a red bold line. In case of testing this line, work up with the target of 1.3072, the 21 average EMA presented in a black thin line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly schedule - down.
General conclusion:
The price may continue to move down today.
A downward scenario is unlikely but quite possible, where, from the level of 1.3075, Friday afternoon's closing candle, work up with the target at 1.3177, the resistance line in a black bold line.
The material has been provided by InstaForex Company - www.instaforex.com