Indicator analysis. Daily review for the EUR / USD currency pair 10/11/2020

The pair was moving up on the technical analysis on Monday, but news that US pharmaceutical giant Pfizer and German company BioNTech announced that their COVID-19 vaccine proved 90% effective dropped the pair down. Today, the price may start moving up. News on the market is expected today at 10:00 UTC (Euro) and 12:00 and 15:00 UTC (Dollar).

Trend analysis (Fig. 1).

Today, from the level of 1.1812 (closing of yesterday's daily candle), the market may start moving up with the target of 1.1860 resistance line (white bold line). The price, after testing this line, will continue to work up with the goal of 1.1920 which is the upper fractal (red dotted line).

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Figure 1 (daily chart).

Complex analysis:

  • Indicator Analysis – up
  • Fibonacci Levels – up
  • Volumes – up
  • Candle Analysis – up
  • Trend Analysis – up
  • Bollinger Bands – up
  • Weekly Chart – up

General conclusion:

Today, from the level of 1.1812 (closing of yesterday's daily candle, the price can start moving up with the target of 1.1860 resistance line (white bold line). After testing this line, the price will continue to work up with the target of 1.1920 which is the upper fractal (red dotted line).

Unlikely scenario: When working up, after reaching the pullback level of 85.4% which is 1.1842 (blue dotted line), work down with the goal of 1.1798 or the pullback level of 38.2% (red dotted line).

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