FX.co ★ Indicator Analysis. Daily review for EUR/USD 10/23/20

Trend Analysis (Fig. 1).

Today, the market may continue to move downward from the level of 1.1820 (closing of yesterday's daily candle) with the target at 1.1780 - the retracement level of 38.2% (blue dotted line). In case of testing this level, there will be a work going down to the level of 1.1748 - the 50% retracement level (blue dashed line).

Figure: 1 (daily chart).

Comprehensive Analysis:

• Indicator Analysis - down
• Fibonacci Levels - down
• Volumes - down
• Candlestick Analysis - down
• Trend Analysis - up
• Bollinger Lines - down
• Weekly Chart - up

General conclusion:

Today, the price from the level of 1.1820 (closing of yesterday's daily candle) may continue to move downward with the target of 1.1780 - the retracement level of 38.2% (blue dashed line). In case of testing this level, there will be a work going down to the level of 1.1748 - the 50% retracement level (blue dashed line). Then top work is possible.

Alternative scenario: from the level of 1.1820 (closing of yesterday's daily candle) may continue to move down with the target at 1.1780 - a retracement level of 38.2% (blue dashed line). In case of testing this level, there will be a work going up to the level of 1.1860 - the retracement level of 61.8% (red dashed line).