Indicator Analysis. Daily review for the EUR/USD currency pair 03/01/21

Trend Analysis (Fig. 1).

Today, the market is moving upwards from the level of 1.2073 (the closing of the Friday daily candle), and can test the resistance level of 1.2172 (the blue bold line). If this level is tested, the price may continue to move up 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 – up

- Trend Analysis-up

- Bollinger Bands – up

- Weekly Schedule - up

General Conclusion::

Today, the price is moving upwards from the level of 1.2073 (the closing of the Friday daily candle), and can test the resistance level of 1.2172 (the blue bold line). If this level is tested, the price may continue to move up with a target of 1.2234 – the historical resistance level (blue dotted line).

Unlikely scenario: from the level of 1.2176 (the closing of Friday's daily candle), the price may continue to move down to the pullback level of 50.0% - 1.1975 (the red dotted line). In the case of testing this level, it will continue to move up with a target of 1.2102 – a pullback level of 76.4% (yellow dotted line).

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

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