FX.co ★ Indicator analysis: Daily review of EUR/USD on February 2, 2022

Trend analysis (Fig. 1).

The market may move down on Wednesday from the level of 1.1270 (close of yesterday's daily candle) to the target level of 1.1255, the 76.4% retracement level (red dotted line). After testing this level, the price may move upwards to the target level of 1.1301, the 50.0% retracement level (yellow dotted line).

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger bands - down;

- Weekly chart - up.

General conclusion:

The price may move down today from the level of 1.1270 (close of yesterday's daily candle) to the target level of 1.1255, the 76.4% retracement level (red dotted line). After testing this level, the price may move upwards to the target level of 1.1301, the 50.0% retracement level (yellow dotted line).

Alternative scenario: from the level of 1.1270 (close of yesterday's daily candle), the price may start moving down to the target level of 1.1229, the 85.4% retracement level (red dotted line). When testing this level, the price may move up to the target level of 1.1302, the 50.0% retracement level (yellow dotted line).