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Indicator Analysis. Daily review for EUR/USD 10/23/20

Trend Analysis (Fig. 1).

Today, the market may continue to move downward from the level of 1.1820 (closing of yesterday's daily candle) with the target at 1.1780 - the retracement level of 38.2% (blue dotted line). In case of testing this level, there will be a work going down to the level of 1.1748 - the 50% retracement level (blue dashed line).

analytics5f9283f29dc4a.jpg

Figure: 1 (daily chart).

Comprehensive Analysis:

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

General conclusion:

Today, the price from the level of 1.1820 (closing of yesterday's daily candle) may continue to move downward with the target of 1.1780 - the retracement level of 38.2% (blue dashed line). In case of testing this level, there will be a work going down to the level of 1.1748 - the 50% retracement level (blue dashed line). Then top work is possible.

Alternative scenario: from the level of 1.1820 (closing of yesterday's daily candle) may continue to move down with the target at 1.1780 - a retracement level of 38.2% (blue dashed line). In case of testing this level, there will be a work going up to the level of 1.1860 - the retracement level of 61.8% (red dashed line).

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