Indicator analysis: Daily review on EUR/USD for January 31, 2020

By | January 31, 2020
InstaForex
Indicator analysis: Daily review on EUR/USD for January 31, 2020

Relevance up to 23:00 UTC–8

On Wednesday, after testing the support line of the downward channel 1.0995, presented in a red bold line, the pair continued to move upward on Thursday. Strong calendar news for the euro is expected today at 10:00 UTC. The continuation of the upward movement is possible.

Trend analysis (Fig. 1).

An upward movement is possible today with the first target of 1.1051, the retracement level of 23.6% presented in a blue dashed line. Upon reaching this level, the continuation of work upward is with the goal of 1.1068, the resistance line of the downward channel in a red bold line.

analytics5e33da07dc789.png

Fig. 1 (daily chart).

Comprehensive analysis:

– Indicator analysis – up;

– Fibonacci levels – up;

– Volumes – down;

– Candlestick analysis – up;

– Trend analysis – up;

– Bollinger Lines – up;

– Weekly schedule – up.

General conclusion:

An upward movement is expected today with the first target of 1.1051, the pullback level of 23.6% presented in a blue dashed line.

An unlikely but possible scenario is from the level of 1.1026, the price goes down to the support line 1.0982, presented in a red bold line, and then work up.

*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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