07.02.202009:32 Forex Analysis & Reviews: Indicator analysis: Daily review on EUR / USD on February 7, 2020

The pair continued to move down on Thursday, testing the support line for the downward channel at 1.0965, presented in a red bold line. Today, strong calendar news for the dollar is expected at 13:30 UTC. Before the news, a downward movement is possible, then much will depend on the news.

Trend analysis (Fig. 1).

A continuation of the downward movement is possible today until 13:30 UTC, with the target 1.0959, the support line for the downward channel in a red bold line. Upon reaching this level, it is possible to work upward with the target 1.1006, the pullback level of 14.6% presented in a red dashed line.

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly schedule - down.

General conclusion:

A continuation of the downward movement is expected today with the target 1.0959, the support line for the downward channel in a red bold line. Upon reaching this level, it is possible to work upward with the target 1.1006, the pullback level of 14.6% presented in a red dashed line.

An unlikely but possible scenario is from the support line of the downward channel 1.0959, presented in a red bold line, the price goes down to 1.0928, the target level of 161.8% presented in a red dashed line.