Indicator analysis: Daily review of EUR/USD on May 10, 2023
May 10, 2023 8:23 am
Trend analysis (Fig. 1).
The market may move upward from the level of 1.0961 (closing of yesterday’s daily candle) with the target of 1.0977, the 23.6% pullback level (red dotted line). Upon reaching this level, a downward movement is possible to the 1.0896 support level (thick blue line), where the price may move up.
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – up;
Bollinger bands – down;
Weekly chart – down.
General conclusion:
Today, the price may move upward from the level of 1.0961 (closing of yesterday’s daily candle) with the target of 1.0977, the 23.6% pullback level (red dotted line). Upon reaching this level, a downward movement is possible to the 1.0896 support level (thick blue line), where the price may move up.
Alternatively, the price may move upward from the level of 1.0961 (closing of yesterday’s daily candle) with the target of 1.1000, the 38.2% pullback level (red dotted line). Upon reaching this level, a downward movement is possible to the 1.0896 support level (thick blue line), where the price may move up.
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The market may move upward from the level of 1.0961 (closing of yesterday’s daily candle) with the target of 1.0977, the 23.6% pullback level (red dotted line). Upon reaching this level, a downward movement is possible to the 1.0896 support level (thick blue line), where the price may move up.
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.0961 (closing of yesterday’s daily candle) with the target of 1.0977, the 23.6% pullback level (red dotted line). Upon reaching this level, a downward movement is possible to the 1.0896 support level (thick blue line), where the price may move up.
Alternatively, the price may move upward from the level of 1.0961 (closing of yesterday’s daily candle) with the target of 1.1000, the 38.2% pullback level (red dotted line). Upon reaching this level, a downward movement is possible to the 1.0896 support level (thick blue line), where the price may move up.
The material has been provided by InstaForex Company – www.instaforex.com
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