29.07.202008:24 Forex Analysis & Reviews: Indicator analysis. Daily review on EUR / USD for July 29, 2020

Trend analysis (Fig. 1).

The market may continue to move downward from the level of 1.1718 (closing of yesterday's daily candle) with the target of 1.1693 - a 14.6% pullback level (red dotted line). From this level, the downward trend may continue with the next target of 1.1637 - a 23.6% pullback level (red dotted line). Much will depend on the news that comes out at 18:00 and 18:30 UTC.

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly chart - down.

General conclusion:

Today the price may continue to move downward with the first target of 1.1693 - a 14.6% pullback level (red dotted line). From this level, the downward trend may continue with the target of 1.1637 - a 23.6% pullback level (red dotted line).

Another possible scenario is an upward trend upon breaking through the resistance level of 1.1726 (black bold line) with the target at 1.1822 - a 61.8% pullback level (blue dashed line).