Trend Analysis (Fig. 1)
On Thursday, the market from the level of 1.3129 (yesterday's daily candle close) may continue its downward movement with the target of 1.3110 – the target level of 161.8% (red dotted line). From this level, the price may possibly pull back upward with the target of 1.3178 – the 23.6% retracement level (blue dotted line).
Fig. 1 (Daily Chart)
General conclusion: Downward trend.
Alternative scenario:From the level of 1.3129 (yesterday's daily candle close), the price may continue moving downward with the target of 1.3077 – the target level of 176.4% (red dotted line). From this level, the price may possibly pull back upward with the target of 1.3110 – the target level of 161.8% (red dotted line).
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