Indicator analysis. Daily review of the EUR/USD currency pair for March 2, 2021

Trend analysis (Fig. 1).

On Tuesday, the market from the level of 1.2048 (closing of yesterday's daily candle) will try to continue moving down with the target of 1.1975 – the 50% retracement level (red dotted line). After testing this level, the price may start working up with the target of 1.2075 - the historical resistance level (blue dotted line).

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Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.2048 (closing of yesterday's daily candle) will try to continue moving down with the target of 1.1975 – the 50% retracement level (red dotted line). After testing this level, the price may start working up with the target of 1.2075 - the historical resistance level (blue dotted line).

Unlikely scenario: the price from the level of 1.2048 (closing of yesterday's daily candle) will try to make a downward movement with the target of 1.2023 - the lower fractal (daily candle from 17.02.2021). After testing this level, the price may start working 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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