Indicator analysis: Daily review of EUR/USD on June 6, 2023
June 6, 2023 9:24 am
Trend analysis (Fig. 1).
The market may move upward from the level of 1.0712 (closing of yesterday’s daily candle) to test 1.0743, the 23.6% pullback level (red dotted line). Upon testing this level, a continued upward movement is possible with the target of 1.0785, the 21-day EMA (thin black line). And in the case of testing this level, the price may move down.
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Volumes – up;
Candlestick analysis – down;
Trend analysis – up;
Bollinger bands – down;
Weekly chart – up.
General conclusion:
Today, the price may move upward from the level of 1.0712 (closing of yesterday’s daily candle) to test 1.0743, the 23.6% pullback level (red dotted line). Upon testing this level, a continued upward movement is possible with the target of 1.0785, the 21-day EMA (thin black line). And in the case of testing this level, the price may move down.
Alternatively, the price may move upward from the level of 1.0712 (closing of yesterday’s daily candle) to test 1.0743, the 23.6% pullback level (red dotted line). The price may decline from this level with the target of 1.0702, the 14.6% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The market may move upward from the level of 1.0712 (closing of yesterday’s daily candle) to test 1.0743, the 23.6% pullback level (red dotted line). Upon testing this level, a continued upward movement is possible with the target of 1.0785, the 21-day EMA (thin black line). And in the case of testing this level, the price may move down.
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.0712 (closing of yesterday’s daily candle) to test 1.0743, the 23.6% pullback level (red dotted line). Upon testing this level, a continued upward movement is possible with the target of 1.0785, the 21-day EMA (thin black line). And in the case of testing this level, the price may move down.
Alternatively, the price may move upward from the level of 1.0712 (closing of yesterday’s daily candle) to test 1.0743, the 23.6% pullback level (red dotted line). The price may decline from this level with the target of 1.0702, the 14.6% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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