Indicator analysis. Daily review on the EUR/USD currency pair for December 9, 2020

Trend analysis (Fig. 1).

Today, the market from the level of 1.2103 (closing of yesterday's daily candlestick) will try to continue moving up in order to reach the upper fractal of 1.2177 (red dotted line), the daily candlestick from 12/04/2020. After reaching this level, further upward movement with the target of 1.2262 - the target level of 161.8% (blue dotted line) is possible.

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Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may continue to move up in order to reach the upper fractal of 1.2177 (red dotted line), the daily candlestick from 12/04/2020. After reaching this level, further upward movement with the target of 1.2262 - the target level of 161.8% (blue dotted line) is possible.

Alternative scenario: when moving up and reaching the upper fractal of 1.2177 (red dotted line), the daily candlestick from 12/04/2020, the price may start moving down to the pullback level of 14.6%, 1.2093 (red dotted line).

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