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The pair traded upward on Tuesday and tested the historical resistance level of 1.2769 (red dotted line) and after that, the price went down. Today, the price may continue to move downward. Economic calendar news for the dollar is expected at 14:00 and 14:30 UTC.
Trend analysis (Fig. 1).
The market may continue to move downward from the level of 1.2733 (closing of yesterday's daily candle) with the target at 1.2693 - a 14.6% pullback level (red dotted line). If this level is reached, the downward trend may continue with the next target of 1.2646 - a 23.6% pullback level (blue dotted line). From this level, an upward pullback is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today the price may continue to move downwards with the target of 1.2693 - a 14.6% pullback level (red dotted line). If this level is reached, the downward trend may continue with the next target of 1.2646 - a 23.6% pullback level (blue dotted line).
Another possible scenario is an upward trend after testing 1.2693 - a 14.6% pullback level (red dashed line) with the target at the upper fractal 1.2768 (red dotted line).
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