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Trend Analysis (Fig. 1).
On Tuesday, the market, from the level of 1.1590 (yesterday's daily candle close), may continue moving downward toward the target of 1.1556 – a historical support level (blue dashed line). When testing this level, the price may possibly retrace upward to test the 23.6% retracement level at 1.1574 (yellow thin line).
Fig. 1 (daily chart).
Comprehensive Analysis:
Overall conclusion: downward trend.
Alternative scenario: From the level of 1.1590 (yesterday's daily candle close), the price may begin a downward movement toward 1.1534 – the 14.6% retracement level (yellow dashed line). When testing this level, the price may possibly retrace upward toward 1.1556 – the historical support level (blue dashed 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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