On Monday, from the level of 1.1620 (Friday's daily candle close), the market may continue moving downward toward 1.1593 – the 61.8% retracement level (blue dashed line). Upon testing this level, the price may start moving upward toward 1.1608 – the historical support level (blue dashed line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
indicator analysis – downward
Fibonacci levels – downward
volumes – downward
candlestick analysis – downward
trend analysis – downward
Bollinger Bands – downward
weekly chart – downward
Overall conclusion: downward trend.
Alternative Scenario:
From the level of 1.1620 (Friday's daily candle close), the price may continue moving downward toward 1.1574 – the 23.6% retracement level (yellow dashed line). Upon reaching this level, an upward movement toward 1.1608 – the historical support level (blue dashed line) is possible.
The material has been provided by InstaForex Company - www.instaforex.com
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Trend Analysis (Fig. 1)
On Monday, from the level of 1.1620 (Friday's daily candle close), the market may continue moving downward toward 1.1593 – the 61.8% retracement level (blue dashed line). Upon testing this level, the price may start moving upward toward 1.1608 – the historical support level (blue dashed line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
Overall conclusion: downward trend.
Alternative Scenario:
From the level of 1.1620 (Friday's daily candle close), the price may continue moving downward toward 1.1574 – the 23.6% retracement level (yellow dashed line). Upon reaching this level, an upward movement toward 1.1608 – the historical support level (blue dashed line) is possible.
The material has been provided by InstaForex Company - www.instaforex.com