Indicator Analysis. Daily review for the EUR/USD currency pair 12/16/20

Trend Analysis (Figure 1).

Today, the market will try to continue going up from the level of 1.2150 (closing of yesterday's daily candle) to reach the upper fractal of 1.2177 (red dotted line), the daily candle from 12/04/20. After reaching this level, there will be a work going up with the target of 1.2262 at the target level of 161.8% (blue dotted line). Much will depend on the news that comes out at 19.00 and 19.30 UTC (dollar).

analytics5fd9b10830ab3.jpg

Figure 1 (daily chart).

Comprehensive 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 will continue to go up to reach the upper fractal of 1.2177 (red dotted line), the daily candle from 12/04/20. After reaching this level, there will be a work going up with the target of 1.2262 at the target level of 161.8% (blue dotted line).

Alternative scenario: when moving up and reaching the upper fractal of 1.2177 (red dotted line), the daily candle from 12/04/20, the price may start to go down at the retracement level of 14.6% at 1.2093 (red dotted line).

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