Indicator analysis: Daily review on EUR / USD for January 16, 2020

Trend analysis (Fig. 1).

In order to continue moving up today, the price must overcome the upper fractal 1.1164 presented in a blue dashed line. Only after this can the market continue to move up with the target 1.1182, the retracement level of 61.8% presented in a blue dashed line. Upon reaching this line, the next goal will be at 1.1205, the retracement level of 76.4% presented in a blue dashed line.

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Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

An upward trend is possible today.

An unlikely, but quite possible scenario is from a pullback level of 50.0% which is equivalent to 1.1164 presented in a blue dashed line, the price will go down to a pullback level of 50.0% equivalent to 1.1112 presented in a red dashed line.

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