FX.co ★ Indicator analysis. Daily review of the EUR/USD pair for July 20, 2021

Trend analysis (Fig. 1).

Today, the market will try to continue moving down from the level of 1.1798 (the closing of yesterday's daily candlestick), with the target of 1.1771 – the lower fractal (blue dotted line). After testing this level, the price may start working up with the target of 1.1811 - the historical resistance level (blue dotted line). From this level, the upward movement is likely to continue with the target of 1.1843 - the 14.6% retracement level (blue dotted line).

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price will try to continue moving down from the level of 1.1798 (the closing of yesterday's daily candlestick), with the target of 1.1771 – the lower fractal (blue dotted line). After testing this level, the price may start working up with the target of 1.1811 - the historical resistance level (blue dotted line). From this level, the upward movement is likely to continue with the target of 1.1843 - the 14.6% retracement level (blue dotted line).

Alternative scenario: the price from the level of 1.1798 (the closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.1771 - the lower fractal (blue dotted line). The price, having tested this level, may continue working down with the target of 1.1716 - the lower border of the Bollinger line indicator (black dotted line).