On Friday, the market from the level of 1.1788 (yesterday's daily candle close) may continue moving downward toward the target of 1.1727 – the 21-period EMA (black thin line). When testing this line, a corrective upward movement is possible with a target of 1.1751 – the 13-period EMA (yellow thin line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – down;
Fibonacci levels – down;
Volumes – down;
Candlestick analysis – down;
Trend analysis – down;
Bollinger Bands – down;
Weekly chart – up.
General conclusion: downward trend.
Alternative scenario: Today, from the level of 1.1788 (yesterday's daily candle close), the price may start moving downward toward the target of 1.1751 – the 13-period EMA (yellow thin line). When testing this line, a corrective upward movement is possible with a target of 1.1762 – the 85.4% retracement level (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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Trend analysis (Fig. 1).
On Friday, the market from the level of 1.1788 (yesterday's daily candle close) may continue moving downward toward the target of 1.1727 – the 21-period EMA (black thin line). When testing this line, a corrective upward movement is possible with a target of 1.1751 – the 13-period EMA (yellow thin line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: downward trend.
Alternative scenario: Today, from the level of 1.1788 (yesterday's daily candle close), the price may start moving downward toward the target of 1.1751 – the 13-period EMA (yellow thin line). When testing this line, a corrective upward movement is possible with a target of 1.1762 – the 85.4% retracement level (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com