On Tuesday, from the level of 1.3184 (the close of yesterday's daily candle), the market may begin to move downward with a target of 1.3110 – the 161.8% target level (red dashed line). When testing this level, the price may possibly begin to move upward with a target of 1.3148 – the 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 1.3184 (the close of yesterday's daily candle), the price may begin to move downward with a target of 1.3077 – the 176.4% target level (red dashed line). Upon testing this level, the price may possibly begin to move upward toward 1.3110 – the 161.8% target level (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
Latest comments
Join the conversation
You can post now and register later.
If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.
Trend Analysis (Fig. 1)
On Tuesday, from the level of 1.3184 (the close of yesterday's daily candle), the market may begin to move downward with a target of 1.3110 – the 161.8% target level (red dashed line). When testing this level, the price may possibly begin to move upward with a target of 1.3148 – the historical resistance level (blue dashed line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
Overall conclusion: downward trend.
Alternative scenario:From the level of 1.3184 (the close of yesterday's daily candle), the price may begin to move downward with a target of 1.3077 – the 176.4% target level (red dashed line). Upon testing this level, the price may possibly begin to move upward toward 1.3110 – the 161.8% target level (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com