Indicator analysis. Daily review of the EUR/USD pair for July 12, 2021

Last Friday, the euro/dollar pair descended and tested the 76.4% retracement level, which is 1.1836 (red dotted line). After that, the price went up and tested the 13 EMA - 1.1881 (yellow thin line). The market closed the daily candlestick at 1.1876 last Friday. Today, the price may continue to move up. The economic calendar is bereft of important news today.

Trend analysis (Fig. 1).

Today, the market from the level of 1.1876 (closing of last Friday's daily candlestick) may continue to move upward with the target of 1.1895 - the 23.6% retracement level (blue dotted line). When this level is tested, the upward movement may continue with the target at 1.1966 - the 38.2% retracement level (blue dashed 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 - down;
  • Weekly chart - up.

General conclusion:

Today, the price from the level of 1.1876 (closing of last Friday's daily candlestick) may continue to move upward with the target of 1.1895 - the 23.6% retracement level (blue dotted line). When this level is tested, the upward movement may continue with the target at 1.1966 - the 38.2% retracement level (blue dashed line).

Alternative scenario: the price from the level of 1.1876 (closing of last Friday's daily candlestick) may start moving down with the target at 1.1836 - the 61.8% retracement level (yellow dashed line). And if this level is tested, it is possible to continue moving upward with the target of 1.1895 - the 23.6% retracement level (blue dashed line).

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

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