Indicator analysis. Daily review of the EUR/USD currency pair for February 22, 2021

Trend analysis (Fig. 1).

On Monday, the market will move upwards from the level of 1.2117 (closing of last Friday's daily candle) and it may test the resistance level - 1.2177 (blue bold line). In case of testing this level, the price may continue to move upward with the 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 - up;
  • Trend analysis - up;
  • Bollinger lines - up;
  • Weekly chart - up.

General conclusion:

Today, the price will move upwards from the level of 1.2117 (closing of last Friday's daily candlestick) and it may test the resistance level - 1.2177 (blue bold line). If this level is tested, the price may continue to move upward with the target of 1.2234 - the historical resistance level (blue dashed line).

Unlikely scenario: from the level of 1.2117 (closing of last Friday's daily candle), the price may start moving down to the 38.2% retracement level - 1.2063 (red dotted line). If this level is tested, the price may continue to move upward with the target of 1.2102 - the 76.4% retracement level (yellow dashed line).

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

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