empty
 
 
23.09.2020 08:43 AM
Indicator analysis. Daily review on EUR / USD for September 23, 2020

The pair traded downward on Tuesday testing 1.1690 - a 38.2% pullback level (red dotted line). Today, the price may continue to move down. As per the economic calendar, euro news is expected at 07:30 UTC, and dollar news is expected at 14:00 and 14:30 UTC.

Trend analysis (Fig. 1).

The market may move downward from the level of 1.1710 (closing of yesterday's daily candlestick) with the target at the support level 1.1676 (black bold line). If this line is tested, the downward trend may continue with the next target of 1.1590 - a 50% pullback level (red dashed line).

This image is no longer relevant

Figure: 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - up;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly chart - down.

General conclusion:

Today, the price may move downward with the target at the support level 1.1676 (black bold line). If this line is tested, the downward trend may continue with the next target at 1.1590 - a 50% pullback level (red dashed line).

Another possible scenario: from the support level 1.1676 (black bold line), the price may begin to move upward with the target of 1.1823 - a 61.8% pullback level (blue 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 $8000 more!
    In March we raffle $8000 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