Indicator Analysis. Daily review for the EUR/USD currency pair 11/16/20

Trend analysis (Fig. 1).

Today, the market may continue to move up from the level of 1.1835 (Friday's daily candle close), in order to reach the resistance line-1.1857 (white bold line). If this line will be tested, an upward movement will most likely continue with the target of 1.1920 at 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, the price may move up to reach the resistance line-1.1857 (white bold line). If this line will be tested, the upward movement will most likely continue with the target of 1.1920 at the upper fractal (red dotted line).

Alternative scenario: from the level of 1.1835 (closing of the Friday daily candle) it will go up to reach the resistance line of 1.1857 (white bold line). If this line will be tested, it will go down with the target of 1.1644 – a pullback level of 38.2% (red dotted line).

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