On Tuesday, the pair continued to move down (in the side channel), having tested the historical support level of 1.2030 (white bold line). Today, a rollback up is possible from this level. Strong calendar news for the dollar is expected at 12:30 and 14:30 UTC.
Trend analysis (Fig. 1).
Today, from the level of 1.2065 (closing of yesterday's candle) a continuation of downward movement is possible testing the retracement level of 14.6% - 1.2177 (red dashed line). Upon reaching this line, the continuation of upward movement is with the target of 1.2285, a retracement level of 23.6% (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, a rollback up is possible testing the retracement level of 14.6% - 1.2177 (red dashed line).
Unlikely scenario: from the support line 1.2030 (white bold line), work down with the target at the historical support level of 1.1297 (blue dashed line).
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