FX.co ★ Indicator Analysis. Daily review for the EUR/USD currency pair 01/08/21

Trend Analysis (Fig. 1)

Today, the market will try to reach the retracement level of 14.6% at 1.2239 (red dotted line) from the level of 1.2271 (closing of yesterday's daily candle) and then start moving upwards with the target of 1.2349 at the upper fractal (red dotted line) - a daily candle from 01/06/2021. In case of testing this level, it is possible to continue working upwards, towards the target of 1.2381 at the upper border of the Bollinger line indicator (black dashed line).

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:

Today, the price will try to reach the retracement level of 14.6% at 1.2239 (red dotted line) from the level of 1.2271 (closing of yesterday's daily candle) and then start moving upwards with the target of 1.2349 at the upper fractal (red dotted line) - the daily candle from 01/06/2021. In case of testing this level, it is possible to continue working upwards, towards the target of 1.2381 at the upper border of the Bollinger line indicator (black dashed line).

Alternative scenario: downward movement and testing of the retracement level of 14.6% at 1.2239 (red dashed line) and then continuation of work downward, with the target of 1.2172 at the retracement level of 23.6% (red dashed line).