Indicator analysis. Daily review of EUR/USD for August 30, 2021

The pair tested the 38.2% level at 1.1735 (yellow dashed line) on Friday, then traded upward reaching the historical resistance at 1.1812 (blue dashed line). It then closed the daily candlestick at 1.1794. Today, the price may roll back down. Based on the economic calendar, news is expected at 14:00 UTC (dollar).

Trend analysis (Fig. 1).

The market may roll back down from the level of 1.1794 (closing of Friday's daily candlestick), after moving up and testing the historical resistance level of 1.1812 (blue dotted line), with the target at 1.1788 - a 14.6% retracement level (red dotted line). When testing this line, the downward movement may continue with the target at 1.1775 - a 23.6% retracement level (red dotted line). An upward pullback is possible upon testing this level.

Fig. 1 (Daily chart)

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger lines - down;

- Weekly chart - down.

General conclusion:

Today, the price may roll back down from the level of 1.1794 (closing of Friday's daily candlestick), after moving up and testing the historical resistance level of 1.1812 (blue dotted line), with the target at 1.1788 - a 14.6% retracement level (red dotted line). When testing this line, the downward movement may continue with the target at 1.1775 - a 23.6% retracement level (red dashed line). An upward pullback is possible upon testing this level.

Alternative scenario: the price may continue to move upward from the level of 1.1794 (closing of Friday's daily candlestick) with the target at 1.1816 - a 61.8% retracement level (blue dashed line). When testing this line, the upward movement may continue with the target at 1.1951 - a 76.4% retracement level (blue dashed line).

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

from RobotFX