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11.02.202109:07 Forex Analysis & Reviews: Indicator analysis. Daily review for the EUR/USD currency pair on February 11, 2021

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Trend analysis (Fig. 1).

On Thursday, the market from the level of 1.2117 (closing of yesterday's daily candle) may continue to move up with the target of 1.2176 - the resistance level (the blue bold line). When testing this level, it is possible to continue working upwards with the target of 1.2234 - the historical resistance level (blue dotted line).

Exchange Rates 11.02.2021 analysis

Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up
  • Candlestick analysis - down
  • Trend analysis - up
  • Bollinger bands - up
  • Weekly chart - up

General conclusion:

Today, the market from the level of 1.22117 (closing of yesterday's daily candle) may continue to move up with the target of 1.2176 - the resistance level (the blue bold line). When testing this level, it is possible to continue working upwards with the target of 1.2274 - the 85.4% retracement level (yellow dotted line).

Unlikely scenario: from the level of 1.2117 (closing of yesterday's daily candle), the pair may continue to move up with the target of 1.2144 - the upper fractal (daily candle from 02/10/2021). When testing this level, it is possible to work downwards with a target of 1.2063 - the 38.2% retracement level (red dotted line).

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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