Trend Analysis (Fig. 1)On Thursday, the market may continue moving down from the 1.3351 level (the closing price of yesterday's daily candle) toward the target of 1.3293 – a historical support level (light blue dotted line). From this level, the price may rebound upward toward 1.3322 – the lower fractal (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 1.3351 level (the closing price of yesterday's daily candle), the price may continue moving down toward 1.3322 – the lower fractal (blue dotted line). From this level, the price may rebound upward toward 1.3332 – the lower fractal (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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Fig. 1 (Daily Chart)
Comprehensive Analysis:
Overall conclusion: downward trend.
Alternative Scenario
From the 1.3351 level (the closing price of yesterday's daily candle), the price may continue moving down toward 1.3322 – the lower fractal (blue dotted line). From this level, the price may rebound upward toward 1.3332 – the lower fractal (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com