Indicator Analysis. Daily review for the EUR/USD currency pair 02/08/21

Trend Analysis (Fig. 1).

Today, the market will move up from the level of 1.2044 (the close of Friday's daily candle) and can test the resistance line of 1.2066 (the white thin line). In case of testing this level, the price may continue to go up with a target of 1.2102 - a pullback level of 76.4% (yellow dotted line).

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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 - down

- Weekly Schedule - up

General Conclusion:

Today, the market will move up from the level of 1.2044 (the close of Friday's daily candle) and can test the resistance line of 1.2066 (the white thin line). In case of testing this level, the price may continue to go up with a target of 1.2102 - a pullback level of 76.4% (yellow dotted line).

Alternative scenario: from the level of 1.2044 (the closing of Friday's daily candle), the price may start moving down to the historical support level of 1.1954 (the blue dotted line). In case of testing this level, the price may continue to go down with a target of 1.1887 - a pullback level of 61.8% (red dotted line).

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

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