Indicator analysis. Monthly review of EUR / USD for February 2019

There is a downward channel in the market (red bold lines). The price in January 2019, moving up, tested the resistance line of 1.1569 (red bold line) and went down. In February, an uptrend is possible, but much will depend on whether the price breaks the resistance line or not.

Trend analysis (Fig. 1).

February will begin with an upward movement, with the first goal of 1.1488, the resistance line (red bold line). The estimated first upper target of 1.1726 is the rolling level of 38.2% (blue dashed line).

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Fig. 2 (monthly schedule).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis is neutral;

- Trend analysis - down;

- Bollinger lines - down;

Conclusion of the complex analysis - most likely the top job.

The total result of the calculation of the EUR / USD currency pair candle on a monthly schedule: the price is likely to have an upward trend with the absence of the first lower shadow (the first week of the month is the upper one) for the monthly white candle and the absence of the second upper shadow (the last week is white).

February will begin with an upward movement (probability 70%), with the first target of 1.1724, a rolling back level of 38.2% (blue dashed line).

The material has been provided by InstaForex Company - www.instaforex.com