Trend analysis (Fig. 1).

The market may move downward from the level of 1.2437 (closing of yesterday’s daily candle) with the target of 1.2406, the 8-day EMA (thin blue line). In the case of testing this level, the price may move upwards with the target of 1.2448, the 38.2% pullback level (red dotted line).

analytics64783bf10d746.jpg

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.

General conclusion:

Today, the market may move downward from the level of 1.2437 (closing of yesterday’s daily candle) with the target of 1.2406, the 8-day EMA (thin blue line). In the case of testing this level, the price may move upwards with the target of 1.2448, the 38.2% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2437 (closing of yesterday’s daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). In case of testing this level, the price may rise towards 1.2448, the 38.2% pullback level (red dotted line).

The material has been provided by InstaForex Company – www.instaforex.com

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