Indicator analysis. Daily review on EUR/USD for July 15, 2020

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Trend analysis (Fig. 1).

Today, the upward trend may continue from the level of 1.1401 (closing of yesterday’s candle) with the first target at the upper fractal 1.1423 (white bold line). From this level, a downward pullback is possible with the target of 1.1364 – a 23.6% pullback level (blue dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

– Indicator analysis – up;

– Fibonacci levels – up;

– Volumes – up;

– Candlestick analysis – down;

– Trend analysis – down;

– Bollinger Lines – down;

– Weekly schedule – up.

General conclusion:

Today, the price may begin to move downward after testing the upper fractal 1.1423 (white bold line) with the target of 1.1364 – a 23.6% pullback level (blue dashed line). From this level, the downward trend may continue with the next target of 1.1327 – a 38.2% retracement level (blue dashed line).

Another possible scenario is an upward trend upon breaking through the upper fractal 1.1423 (white bold line) with the target of 1.1579 – a 161.8% pullback level.

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

Source:: Indicator analysis. Daily review on EUR / USD for July 15, 2020

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