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Trend Analysis (Fig. 1)
On Friday, from the 1.1737 level (yesterday's daily candle close), the market may begin moving downward toward the target of 1.1719 — the 14.6% retracement level (red dashed line). When this level is tested, a corrective upward move may occur with a target of 1.1762 — the upper fractal (red dashed line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
Overall conclusion: upward trend.
Alternative scenario:Today, from the 1.1737 level (yesterday's daily candle close), the price may begin moving downward toward the target of 1.1719 — the 14.6% retracement level (red dashed line). When this level is tested, a corrective upward move is possible with a target of 1.1746 — the 61.8% retracement level (yellow 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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