Indicator analysis: Daily review of EUR/USD on August 8, 2023
August 8, 2023 9:23 am
Trend analysis (Fig. 1).
The EUR/USD currency pair may move upward from the level of 1.1001 (closing of yesterday’s daily candle) to test 1.1051, the 38.2% pullback level (blue dotted line). From this level, a continued upward movement is possible with the target at 1.1093, the 50% pullback level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – up;
Bollinger bands – down;
Weekly chart – up.
General conclusion:
Today, the price may move upward from the level of 1.1001 (closing of yesterday’s daily candle) to test 1.1051, the 38.2% pullback level (blue dotted line). From this level, a continued upward movement is possible with the target at 1.1093, the 50% pullback level (blue dotted line).
Alternatively, the price may move downward from the level of 1.1001 (closing of yesterday’s daily candle) to test 1.0964, the 14.6% pullback level (blue dotted line). From this level, an upward movement is possible with the target at 1.1051, the 38.2% pullback level (blue dotted line). When testing this level, the price may continue to move up.
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The EUR/USD currency pair may move upward from the level of 1.1001 (closing of yesterday’s daily candle) to test 1.1051, the 38.2% pullback level (blue dotted line). From this level, a continued upward movement is possible with the target at 1.1093, the 50% pullback level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.1001 (closing of yesterday’s daily candle) to test 1.1051, the 38.2% pullback level (blue dotted line). From this level, a continued upward movement is possible with the target at 1.1093, the 50% pullback level (blue dotted line).
Alternatively, the price may move downward from the level of 1.1001 (closing of yesterday’s daily candle) to test 1.0964, the 14.6% pullback level (blue dotted line). From this level, an upward movement is possible with the target at 1.1051, the 38.2% pullback level (blue dotted line). When testing this level, the price may continue to move up.
The material has been provided by InstaForex Company – www.instaforex.com
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