Indicator analysis. Daily review on EUR / USD for August 4, 2020

Trend analysis (Fig. 1).

The market may continue to move downward from the level of 1.1765 (closing of yesterday's daily candle) with the target of 1.1714 - a 14.6% pullback level (red dotted line). From this level, the price may continue to move downward with the next target of 1.1656 - a 23.6% pullback level (red dotted line).

analytics5f290511b94c7.jpg

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly chart - down.

General conclusion:

Today, the price may continue to move downward from the level of 1.1765 (closing of yesterday's daily candle) with the target of 1.1714 - a 14.6% pullback level (red dotted line). From this level, the price may continue to move downward with the next target of 1.1656 - a 23.6% pullback level (red dotted line).

Another possible scenario is upon reaching the level of 1.1765 (closing of yesterday's daily candle) an upward pullback may take place with the target at the upper fractal 1.1910 (blue dotted line).

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