empty
 
 
07.02.2020 09:32 AM
Indicator analysis: Daily review on EUR / USD on February 7, 2020

The pair continued to move down on Thursday, testing the support line for the downward channel at 1.0965, presented in a red bold line. Today, strong calendar news for the dollar is expected at 13:30 UTC. Before the news, a downward movement is possible, then much will depend on the news.

Trend analysis (Fig. 1).

A continuation of the downward movement is possible today until 13:30 UTC, with the target 1.0959, the support line for the downward channel in a red bold line. Upon reaching this level, it is possible to work upward with the target 1.1006, the pullback level of 14.6% presented in a red dashed line.

This image is no longer relevant

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly schedule - down.

General conclusion:

A continuation of the downward movement is expected today with the target 1.0959, the support line for the downward channel in a red bold line. Upon reaching this level, it is possible to work upward with the target 1.1006, the pullback level of 14.6% presented in a red dashed line.

An unlikely but possible scenario is from the support line of the downward channel 1.0959, presented in a red bold line, the price goes down to 1.0928, the target level of 161.8% presented in a red dashed line.

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback