Indicator analysis. Daily review for the EUR/USD currency pair on 21/01/2021

Trend analysis (Fig. 1).

Today, from the level of 1.2105 (the closing of yesterday's daily candle), the market may continue to move up with the target of 1.2176 which is the resistance level (the blue bold line). After testing this level, it is possible to continue working up with the target of 1.2274 which is a pullback level of 85.4% (yellow dotted line).

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Figure 1 (daily chart).

Comprehensive analysis:

  • Indicator Analysis – up
  • Fibonacci Levels – up
  • Volumes – up
  • Candle Analysis – up
  • Trend Analysis – up
  • Bollinger Bands – down
  • Weekly Chart – up

General Conclusion:

Today, from the level of 1.2105 (the closing of yesterday's daily candle), the market may continue to move up with the target of 1.2176 which is the resistance level (the blue bold line). After testing this level, continue working up with the target of 1.2274 which is a pullback level of 85.4% (yellow dotted line).

Alternative scenario: From the level of 1.2105 (the closing of yesterday's daily candle), the market may continue to move up with the target of 1.2176 which is the resistance level (the blue bold line). After testing this level, it will continue to work downwards with the target of 1.2063 which is a pullback level of 38.2% (red dotted line).

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

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