On Wednesday, from the level of 1.1655 (yesterday's daily candle close), the market may continue downward toward 1.1593 — the 61.8% retracement level (blue dotted line). Upon testing this level, the price may rebound upward toward 1.1608 — a historical resistance level (light-blue dotted 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 – down.
Overall conclusion: downward trend.
Alternative scenario: from the level of 1.1655 (yesterday's daily candle close), the price may continue downward toward 1.1608 — a historical resistance level (light-blue dotted line). Upon testing this level, the price may rebound upward toward 1.1645 — the lower fractal (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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Trend Analysis (Fig. 1).
On Wednesday, from the level of 1.1655 (yesterday's daily candle close), the market may continue downward toward 1.1593 — the 61.8% retracement level (blue dotted line). Upon testing this level, the price may rebound upward toward 1.1608 — a historical resistance level (light-blue dotted line).
Fig. 1 (Daily chart).
Comprehensive Analysis:
Overall conclusion: downward trend.
Alternative scenario: from the level of 1.1655 (yesterday's daily candle close), the price may continue downward toward 1.1608 — a historical resistance level (light-blue dotted line). Upon testing this level, the price may rebound upward toward 1.1645 — the lower fractal (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com