On Thursday, from the 1.3442 level (yesterday's daily close), the market may continue moving downward toward 1.3383 – the 23.6% retracement level (blue dotted line). From this level, the price may rebound upward toward 1.3405 – a historical resistance level (light blue 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.
Overall conclusion: downward trend.
Alternative scenario: From the 1.3442 level (yesterday's daily close), the price may start moving downward toward 1.3405 – a historical resistance level (light blue dotted line). From this level, the price may rebound upward toward 1.3414 – the 38.2% retracement 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 1.3442 level (yesterday's daily close), the market may continue moving downward toward 1.3383 – the 23.6% retracement level (blue dotted line). From this level, the price may rebound upward toward 1.3405 – a historical resistance level (light blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Overall conclusion: downward trend.
Alternative scenario: From the 1.3442 level (yesterday's daily close), the price may start moving downward toward 1.3405 – a historical resistance level (light blue dotted line). From this level, the price may rebound upward toward 1.3414 – the 38.2% retracement level (blue dotted line).
The material has been provided by InstaForex Company - www.instaforex.com