empty
 
 
31.12.2020 11:09 AM
Indicator analysis. Daily review for the EUR / USD pair on December 31

EUR / USD climbed up on Wednesday, moving above 1.2275 (yellow dashed line), which is also the 85.4% retracement level. Today, there is a high chance that this bullish move will continue, however, it would only be inside a narrow sideways channel, since markets are closed in many countries due to the New Year celebration.

Trend analysis (Fig. 1)

Today, the euro may jump from 1.2296 (closing of yesterday's daily candle) to 1.2346 (black dotted line), which is also the upper border of the Bollinger line. And, after testing this level, there is a chance that the bears will work for a pullback, the target of which is 1.2275 (yellow dashed line) or the 85.4% retracement level.

This image is no longer relevant

Figure: 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger lines - up;

- Weekly chart - up.

General conclusion:

The euro may move from 1.2296 (closing of yesterday's daily candle) to 1.2346 (black dotted line) today, which is also the upper border of the Bollinger line. And after the quote tests this level, the bears may work for a pullback to 1.2275 (yellow dashed line), which is also the 85.4% retracement level.

Alternative scenario: price may drop from 1.2296 (closing of yesterday's daily candle) to 1.2234 (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