On Thursday, from the 1.1812 level (yesterday's daily candle close), the market may continue moving downward toward the target of 1.1762 – the 85.4% pullback level (red dotted line). Upon testing this level, the price may rebound upward toward 1.1779 – the upper fractal (red dotted 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.
General conclusion: bearish trend.
Alternative scenario: on Thursday, from the 1.1812 level (yesterday's daily candle close), the market may continue moving downward toward 1.1779 – the upper fractal (red dotted line). Upon testing this level, the price may rebound upward toward 1.1828 – the historical resistance level (blue dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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Trend analysis (Fig. 1).
On Thursday, from the 1.1812 level (yesterday's daily candle close), the market may continue moving downward toward the target of 1.1762 – the 85.4% pullback level (red dotted line). Upon testing this level, the price may rebound upward toward 1.1779 – the upper fractal (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: bearish trend.
Alternative scenario: on Thursday, from the 1.1812 level (yesterday's daily candle close), the market may continue moving downward toward 1.1779 – the upper fractal (red dotted line). Upon testing this level, the price may rebound upward toward 1.1828 – the historical resistance level (blue dotted line).
The material has been provided by InstaForex Company - www.instaforex.com