Indicator analysis. Daily review on the EUR/USD currency pair for November 20, 2020

Trend analysis (Fig. 1).

Today, from the level – 1.1874 (closing of yesterday’s daily candlestick), the market will try to continue moving upward with the goal of 1.1894 – an 85.4% pullback level (blue dotted line). If this level is tested, work upward to the level of 1.1920 – the upper fractal (red dotted line). If this succeeds, further work upward to 1.1948 historical resistance 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 – up
• Weekly chart – up

General conclusion:

Today, from the level of – 1.1874 (closing of yesterday’s daily candlestick), the price will try to continue moving upward with the goal of 1.1894 – an 85.4% pullback level (blue dotted line). If this level is tested, work upward to the level of 1.1920 – the upper fractal (red dotted line). If this succeeds, further work upward to 1.1948 historical resistance level (blue dotted line).

Alternative scenario: when moving upward and testing the pullback level of 85.4% – 1.1894 (blue dotted line), the pair may start moving down with the target of 1.1844 – a 23.6% pullback level (red dotted line).

The material has been provided by InstaForex Company – www.instaforex.com