Trend Analysis (Fig. 1).
On Wednesday, the market from the level of 1.1648 (yesterday's daily close) may continue moving downward, targeting 1.1594 – the 50% retracement level (yellow dotted line). Upon testing this level, the price may possibly bounce upward, targeting 1.1608 – the 38.2% retracement level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive Analysis:
Indicator analysis – down;Fibonacci levels – down;Volumes – down;Candlestick analysis – down;Trend analysis – down;Bollinger Bands – down;Weekly chart – down.General conclusion: downward trend.
Alternative scenario: from the level of 1.1648 (yesterday's daily close), the price may continue to move downward, targeting 1.1567 – the 50% retracement level (blue dotted line). Upon testing this level, the price may bounce upward, targeting 1.1594 – the 50% retracement level (yellow dotted line).