On Tuesday, the price moved upwards into a pullback, showing that the support line 1.1270 (blue thick line) was pierced down by inertia. The market closed above the support line, pointing to a false breakdown. Today, the price will once again try to break through the support line. Today, a strong news is expected at 12.30 London time.
Trend analysis (Fig. 1).
On Wednesday, it is possible to continue the downward movement with the first goal at the recoiling level 61.8% - 1.1188 (blue dashed line).
Fig. 1 (daily schedule).
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - up;
- trend analysis - down;
- Bollinger lines - down;
- weekly chart - down.
General conclusion:
On Wednesday, it is possible to continue the downward movement with the first goal of the recoiling level 61.8% at 1.1188 (blue dashed line).
The material has been provided by InstaForex Company -
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