Indicator analysis. Daily review of EUR/USD on March 4, 2020

The pair continued to move upward on Tuesday, testing a pullback level of 85.4% equivalent to 1.1173 (red dotted line). Today, strong calendar news for the dollar is expected at 13:15, 15:00 and 15:30 UTC. The price may roll back before the news.

Trend analysis (Fig. 1).

Today, the market may begin to roll back down with the target of 1.1151, a retracement level of 14.6% (blue dashed line). Upon reaching this level, the continuation of work down is with the target of 1.1112, a retracement level of 23.6% (blue dashed line). After the news at 13:15 UTC (if the news comes out according to the forecast), it is possible to continue moving up with the target at the upper fractal 1.1241 (red dashed line).

analytics5e5f45f61d702.png

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, a downward reversal is possible with the target of 1.1112, the retracement level of 23.6% (blue dashed line).

An unlikely scenario is from a pullback level of 23.6% equivalent to 1.1151 (blue dashed line), work up with a target at the upper fractal 1.1241 (red dashed line). Upon reaching this level, work down.

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