On Wednesday the market moved in the side channel. Traders could not decide whether the support line of 1.3067 (yellow thin line) was broken or not. On Thursday, a strong calendar news comes out at 9.30 and 13.30 London time.
Trend analysis (Fig. 1).
On Thursday, the technical analysis gives a downward movement. The first lower target is at 1.3002, which is the 38.2% pullback level (blue dashed line).
Fig. 1 (daily schedule).
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis is neutral;
- trend analysis - down;
- Bollinger lines - down;
- weekly schedule - up.
General conclusion:
On Thursday, the technical analysis gives a downward movement. The first lower target is at 1.3002, which is the 38.2% pullback level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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