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Indicator analysis: Daily review of EUR/USD for January 6, 2021

Trend analysis (Fig. 1).

The market may move down on Thursday from the level of 1.1312 (closing of yesterday's daily candle) to test the resistance level of 1.1279 (blue bold line). When this level is reached, the price may start moving upward to the target level of 1.1305, the 23.6% retracement level (blue dotted line). When testing this level, the upward movement may continue.

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Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - down;

- Weekly chart - up.

General conclusion:

The price may move down from the level of 1.1312 (closing of yesterday's daily candle) to test the resistance level of 1.1279 (blue bold line). When this level is reached, the price may start moving upward to the target level of 1.1305, the 23.6% retracement level (blue dotted line).

Alternative scenario: from the level of 1.1312 (closing of yesterday's daily candle), the price may move downward to test the resistance level of 1.1279 (blue bold line). When this level is reached, the price may continue to move down to the target level of 1.1262, the 61.8% retracement level (red dotted line). When testing this level, the upward movement may continue.

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

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