Indicator analysis. Daily review for the EUR/ USD currency pair on February 10, 2021

Trend analysis (Fig. 1).

On Wednesday, the market will try to continue moving up from the level of 1.2117 (closing of yesterday's daily candle) in order to reach the resistance level of 1.2178 (blue bold line). Upon reaching this level, it is possible to continue working upward with a target of 1.2234 - the historical resistance level (blue dotted line).

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Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may continue to move up in order to reach the resistance level - 1.2178 (blue bold line). Upon reaching this level, it is possible to continue working upward with a target of 1.2234 - the historical resistance level (blue dotted line).

Unlikely scenario: when the price moves up and reaches the resistance level of 1.2178 (blue bold line), it is possible to work down with the target of 1.2102 - the 21 period EMA (black thin line).

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

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