Trend Analysis (Fig. 1).On Tuesday, the market from the level of 1.3136 (the close of yesterday's daily candle) may begin moving downward toward the target of 1.3077 — the 176.4% target level (red dashed line). When testing this level, the price may possibly begin an upward movement toward 1.3148 — a historical resistance level (blue dashed line).
Fig. 1 (Daily Chart).
Comprehensive Analysis:
Indicator analysis – downward;
Volume – downward;
Candlestick analysis – downward;
Trend analysis – downward;
Bollinger Bands – downward;
Weekly chart – downward.
Overall conclusion: Downward trend.
Alternative scenario: From the level of 1.3136 (the close of yesterday's daily candle), the price may begin moving downward toward 1.3110 — the 161.8% target level (red dashed line). When testing this level, the price may possibly begin an upward movement toward 1.3187 — the 14.6% retracement level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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Fig. 1 (Daily Chart).
Comprehensive Analysis:
Overall conclusion: Downward trend.
Alternative scenario: From the level of 1.3136 (the close of yesterday's daily candle), the price may begin moving downward toward 1.3110 — the 161.8% target level (red dashed line). When testing this level, the price may possibly begin an upward movement toward 1.3187 — the 14.6% retracement level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com