Indicator analysis. Daily review on the EUR/USD currency pair for December 18, 2020

Trend analysis (Figure 1).

Today, the market from the level of 1.2267 (closing of yesterday's daily candlestick) will try to start moving down with the target of 1.2177 support level (blue bold line). If this level is tested, it is possible to continue working up to the target of 1.2275 – a pullback level of 85.4% (yellow dotted line).

analytics5fdc5502a5fe7.jpg

Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis - down
  • Fibonacci levels - down
  • Volumes - down
  • Candlestick analysis - down
  • Trend analysis - down
  • Bollinger bands - up
  • Weekly chart - down

General conclusion:

Today, the price from the level of 1.2267 (closing of yesterday's daily candlestick) will try to start moving down with the target of 1.2177 support level (blue bold line). If this level is tested, it is possible to continue working up to the target of 1.2275 – a pullback level of 85.4% (yellow dotted line).

Alternative scenario: when moving upward and testing the pullback level of 85.4%, 1.2275 (yellow dotted line), it is possible to work up with the target of 1.2462 - the historical resistance level (blue dotted line).

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