Indicator Analysis of EUR/USD on February 2, 2024

Trend analysis (Fig. 1).

The EUR/USD currency pair may move downward from the level of 1.0870 (closing of yesterday's daily candlestick) to 1.0861, the 50% pullback level (blue dotted line). In the case of testing this level, an upward movement is possible with a target of 1.0905, the upper limit of the Bollinger Band indicator (red dotted line).



Fig. 1 (daily chart).

Comprehensive analysis:

* Indicator analysis – up;
* Fibonacci levels – up;
* Candlestick analysis – up;
* Trend analysis – up;
* Bollinger bands – down;
* Weekly chart – up.




General conclusion: Today, the price may move downward from the level of 1.0870 (closing of yesterday's daily candlestick) to 1.0861, the 50% pullback level (blue dotted line). In the case of testing this level, an upward movement is possible with a target of 1.0905, the upper limit of the Bollinger Band indicator (red dotted line).

Alternatively, the price may move upward from the level of 1.0870 (closing of yesterday's daily candle) to 1.0882, the 21-period EMA (black thin line). In the case of testing this level, a downward movement is possible with a target of 1.0861, the 50% pullback level (blue dotted line).The material has been provided by InstaForex Company - www.instaforex.com


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