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Trend Analysis (Fig. 1).
On Tuesday, from the level of 1.1617 (yesterday's daily close), the market may continue moving downward toward the target at 1.1594 – the 50% retracement level (yellow dotted line). Upon testing this level, the price may bounce upward, aiming to retest the 38.2% retracement level at 1.1600 (blue dotted line).
Fig. 1 (daily chart).
Comprehensive Analysis:
General Conclusion: Downward trend.
Alternative Scenario: From the level of 1.1617 (yesterday's daily close), the price may continue moving downward toward 1.1560 – the 50% retracement level (blue dotted line). Upon testing this level, the price may bounce upward toward the 38.2% retracement level at 1.1600 (blue 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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