The pair traded downward on Friday and broke through 1.1651 - an 85.4% pullback level (red dotted line). Today, the price may continue to move down. As per the economic calendar, euro news is expected at 08:55 UTC, and dollar news at 15:00 UTC.
Trend analysis (Fig. 1).
The market may continue to move down from the level of 1.1647 (closing of Friday's daily candlestick) with the target at the support level 1.1612 (white thick line). If this line is tested, an upward trend is possible with the target at 1.1667 - a 14.6% pullback level (blue dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - up;
- Weekly chart - down.
General conclusion:
Today, the price may move downward with the target at the lower fractal 1.1612 (white bold line). If this line is tested, an upward trend is possible with the target at 1.1667 – a 14.6% pullback level (blue dashed line).
Another possible scenario: from the level of 1.1647, the price may move downward with the target at the lower fractal 1.1612 (white bold line). If this line is tested, the downward movement will continue with the target at the historical support level 1.1579 (blue dotted line).