Indicator analysis. Daily review on the EUR/USD currency pair for December 7, 2020

Trend analysis (Fig. 1).

Today, the market may continue to move downward from the level of 1.2121 (closing of Friday's daily candlestick), with the first lower target – a pullback level of 14.6%, 1.2093 (red dotted line). If this line is tested, we can expect the continuation of the upper work with the target of 1.2177 - the resistance level (blue bold line).

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Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may continue to move downward with the target of the pullback level of 14.6%, 1.2093 (red dotted line). If this line is tested, we can expect the continuation of the upper work with the target of 1.2177 - the resistance level (blue bold line).

Alternative scenario: from the level of 1.2121 (closing of the Friday daily candlestick), the pair may work downward in order to reach the pullback level of 14.6%, 1.2093 (red dotted line). If this line is tested, we can expect the lower work to continue with the target of 1.2072 - the historical support level (blue dotted line).

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