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Indicator analysis: Daily review on EUR / USD on January 8, 2020

Trend analysis (Fig. 1).

On Wednesday, the price may continue to move down with the first target of 1.1112, a pullback level of 50.0% presented in a red dashed line. If this level is reached, the next goal is at 1.1104, the support line presented in a white bold line, from which upward movement is possible.

analytics5e15756fc78d8.png

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

A downward trend is possible on Wednesday until 13:15 UTC.

An unlikely scenario is possible, where from 1.1142 which is a retracement level of 38.2% presented in a red dashed line, the price goes up to a retracement level of 61.8% which is at 1.1209 presented in a blue dashed line.

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