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02.09.2025 09:47 AMTrend Analysis (Fig. 1).
On Tuesday, the market, from the level of 1.1710 (yesterday's daily close), may continue moving downward, targeting 1.1659 – the 23.6% retracement level (blue dotted line). Upon testing this level, the price may possibly rebound upward, aiming to test the 13-period EMA at 1.1668 (thin yellow line).
Fig. 1 (daily chart).
Comprehensive Analysis:
Overall conclusion: downward trend.
Alternative scenario: From the level of 1.1710 (yesterday's daily close), the price may continue downward toward 1.1640 – the 61.6% retracement level (yellow dotted line). Upon testing this level, the price may possibly rebound upward, aiming to test the 23.6% retracement level at 1.1659 (blue dotted line).
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
