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Indicator Analysis. Daily review for EUR / USD currency pair 10/20/2020

Trend analysis (Fig. 1)

Today, the market may continue to move upward from the level of 1.1772 (closing of yesterday's daily candle) with the target of 1.1813, a retracement level of 50.0% (red dotted line). The price, having tested this line, will continue to work upward with the target at 1.1833 - the upper fractal (blue dotted line). The upward trend continues.

analytics5f8e8b6faa37d.jpg

Figure: 1 (daily chart).

Comprehensive analysis:

  • Indicator Analysis - up
  • Fibonacci Levels - up
  • Volumes - up
  • Candlestick Analysis - up
  • Trend Analysis - up
  • Bollinger Lines - up
  • Weekly Chart - up

General conclusion:

Today, the price from the level of 1.1772 (closing of yesterday's daily candle) may continue to move upward with the target of 1.1813, the retracement level of 50.0% (red dotted line). The price, having tested this line, will continue to work upward with the target at 1.1833 - the upper fractal (blue dotted line).

Unlikely scenario: when working upwards, upon reaching the upper fractal - 1.1795 (candle from 19.10.2020) - working downwards, with the target at 1.1718 - the support line (red bold line).

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