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Trend Analysis (Fig. 1).
On Wednesday, from the level of 1.3487 (yesterday's daily close), the market may continue moving downward toward the target of 1.3420 – the 38.2% retracement level (yellow dotted line). Upon testing this level, a price rebound upward is possible toward 1.3457 – the 21-day EMA (thin black line).
Fig. 1 (daily chart).
Comprehensive Analysis:
Overall conclusion: bearish trend.
Alternative scenario: On Wednesday, from the level of 1.3487 (yesterday's daily close), the market may continue downward toward the 1.3457 target – the 21-day EMA (thin black line).
Upon testing this line, a rebound upward is possible toward 1.3481 – the 76.4% retracement level (red dotted line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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