Indicator analysis: Daily review of EUR/USD on April 11, 2023
April 11, 2023 9:22 am
Trend analysis (Fig. 1).
The market may move upward from the level of 1.0859 (closing of yesterday’s daily candle) to the target of 1.0910, the 76.4% pullback level (red dotted line). Upon testing this level, a continued upward movement towards 1.0930, the historical resistance level (blue dotted line), is possible. After reaching this level, a downward correction is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – upward;
Volumes – upward;
Candle analysis – upward;
Trend analysis – upward;
Bollinger lines – upward;
Weekly chart – upward.
Overall conclusion:
Today, the price may move upward from the level of 1.0859 (closing of yesterday’s daily candle) to the target of 1.0910, the 76.4% pullback level (red dotted line). Upon testing this level, a continued upward movement towards 1.0930, the historical resistance level (blue dotted line), is possible. After reaching this level, a downward correction is possible.
Alternatively, the price may move upward from the level of 1.0859 (closing of yesterday’s daily candle) to test 1.0910, the 76.4% pullback level (red dotted line). Upon testing this level, a downward movement towards 1.0865, the 23.6% pullback level (yellow dotted line), is possible.
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The market may move upward from the level of 1.0859 (closing of yesterday’s daily candle) to the target of 1.0910, the 76.4% pullback level (red dotted line). Upon testing this level, a continued upward movement towards 1.0930, the historical resistance level (blue dotted line), is possible. After reaching this level, a downward correction is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
Overall conclusion:
Today, the price may move upward from the level of 1.0859 (closing of yesterday’s daily candle) to the target of 1.0910, the 76.4% pullback level (red dotted line). Upon testing this level, a continued upward movement towards 1.0930, the historical resistance level (blue dotted line), is possible. After reaching this level, a downward correction is possible.
Alternatively, the price may move upward from the level of 1.0859 (closing of yesterday’s daily candle) to test 1.0910, the 76.4% pullback level (red dotted line). Upon testing this level, a downward movement towards 1.0865, the 23.6% pullback level (yellow dotted line), is possible.
The material has been provided by InstaForex Company – www.instaforex.com
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