Indicator analysis. Daily review for the EUR/USD currency pair on 29/01/2021

Trend analysis (Fig. 1).

Today, from the level of 1.2121 (the closing of yesterday's daily candle), the market may continue moving down, trying to reach the lower fractal of 1.2058 (the daily candle from 27/01/2021). If this level is tested, it is possible to work up with the target of 1.2138 which is the resistance line (white thin line).

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Figure 1 (daily chart).

Comprehensive Analysis:

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

General Conclusion:

Today, from the level of 1.2121 (the closing of yesterday's daily candle), the market may continue moving down to try and reach the lower fractal of 1.2058 (the daily candle from 27/01/2021). After testing this level, it is possible to work up with the target of 1.2138 which is the resistance line (white thin line).

Alternative Scenario: After moving down and testing the lower fractal at 1.2058 (the daily candle from 27/01/2021), the market will continue to move down with the target 1.2006 which is the lower limit of the Bollinger Line Indicator (black dotted line).

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

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