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12.01.2022 10:00 AM
Indicator analysis. Daily review of EUR/USD on January 12, 2021

Trend analysis (Fig. 1)

The price from the level of 1.1365 (closing of yesterday's daily candlestick) may start declining to the target of 1.1343 - the resistance line (red bold line) today. Once this line is tested, it may resume its upward movement to the target of 1.1387 - the historical resistance level (blue dotted line).

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Fig 1 (daily chart)

Comprehensive analysis:

  • Indicator analysis - down
  • Fibonacci levels - down
  • Volumes - down
  • Candlestick analysis - down
  • Trend analysis - up
  • Bollinger lines - down
  • Weekly chart - up

General conclusion:

Today, the price from the level of 1.1365 (closing of yesterday's daily candlestick) is likely to begin falling to the target of 1.1343 - the resistance line (red bold line). After testing it, the upward movement may continue to the target of 1.1387 - the historical resistance level (blue dotted line).

Alternatively, the price from the level of 1.1365 (closing of yesterday's daily candlestick) may start to decline the target of 1.1357 - the pullback level of 14.6% (red dotted line). After this level is tested, it may now rise to the target of 1.1409 - the resistance line (blue bold line).

Stefan Doll,
Analytical expert of InstaForex
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