Trend analysis (Fig. 1).
Today, the market from the level of 1.2078 (closing of last Friday's daily candle), while moving down, may test the pullback level of 38.2% - 1.2063 (red dotted line). If this level is tested, the price may continue to move down with the target of 1.1975 - a pullback level of 50% (red dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger bands - down
- Weekly chart - down
General conclusion:
Today, the price from the level of 1.2078 (closing of last Friday's daily candle), while moving down, may test the pullback level of 38.2% - 1.2063 (red dotted line). If this level is tested, the price may continue to move down with the target of 1.1975 - a pullback level of 50% (red dotted line).
Alternative scenario: from the level of 1.2217 (closing of the Friday daily candle), while moving down, the price may test the pullback level of 38.2% - 1.2063 (red dotted line). If this level is tested, the price may start moving up with a target of 1.2176 - the resistance level (blue bold line).
The material has been provided by InstaForex Company - www.instaforex.com