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The pair continued to move down yesterday and break through the support line 1.0847 (blue bold line). Today, strong calendar news for the dollar is expected at 13:30 UTC. The price may roll back up, so I assume the bears will want to take profits.

Trend analysis (Fig. 1).

The market may begin to move up today with the target of 1.0889, the retracement level of 14.6% (red dashed line). Upon reaching this level, there is a continuation of the upper movement with the target 1.0926, the retracement level of 23.6% (red dashed line).

Exchange Rates 14.02.2020 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - down;

- Weekly schedule - up.

General conclusion:

An upward movement is expected today with the target of 1.0889, the retracement level of 14.6% (red dashed line).

An unlikely but possible scenario is from the resistance line 1.0846 (blue bold line), there is a continuation of work down with the target 1.0794, the lower border of the Bollinger line indicator (blue dashed line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Stefan Doll,
Analytical expert
InstaForex Group © 2007-2020
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