Trend Analysis (Fig. 1).

Today, the market will try to continue going down from the level of 1.2042 (the closing of yesterday’s daily candle) in order to reach the retracement level of 50% – 1.1975 (the red dotted line). Upon reaching this level, there will be a work going down with a target of 1.1907 support line (white thin line).

analytics601a48c408ac7.jpg

Figure 1 (daily chart).

Comprehensive Analysis:

– Indicator Analysis – down

– Fibonacci Levels – down

– Volumes – down

– Candle Analysis – down

– Trend Analysis – down

– Bollinger Bands – down

– Weekly Chart – down

General Conclusion:

Today, the price may continue to go down in order to reach the retracement level of 50% – 1.1975 (red dotted line). Upon reaching this level, there will be a work going down with a target of 1.1907 support line (white thin line).

Alternative scenario: when moving down and reaching the lower fractal of 1.2011 (daily candle from 02/02/2021) in the future, the upper work with the target of 1.2102 – a retracement level of 74.4% (yellow dotted line).

The material has been provided by InstaForex Company – www.instaforex.com

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