Indicator analysis. Daily review for the EUR/USD currency pair on February 4, 2021

Trend analysis (Fig. 1).

On Thursday, the market from the level of 1.2011 (the closing of yesterday's daily candle) may continue to move down with the target of 1.1975 - the 50.0% retracement level (the red dotted line). When testing this level, it is possible to continue working downwards with the target of 1.1887 - the support line (white thin 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 market from the level of 1.2011 (the closing of yesterday's daily candle) may continue to move down with the target of 1.1975 - the 50.0% retracement level (the red dotted line). When testing this level, it is possible to continue working downwards with the target of 1.1887 - the support line (white thin line).

Alternative scenario: from the level of 1.2011 (the closing of yesterday's daily candle), the price may continue to move down with the target of 1.1975 - the 50.0% retracement level (red dotted line). When testing this level, it is possible to work up with the target of 1.2102 - the 76.4% retracement level (yellow dotted line).

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

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