Indicator analysis: Daily review of EUR/USD on May 3, 2023
May 3, 2023 8:22 am
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1000 (closing of yesterday’s daily candle) with the target of 1.1032, the 76.4% pullback level (blue dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.1079, the upper limit of the Bollinger band indicator (black dotted line). From this level, the price may move downward.
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – up;
Bollinger bands – up;
Weekly chart – down.
General conclusion:
Today, the price may move upward from the level of 1.1000 (closing of yesterday’s daily candle) with the target of 1.1032, the 76.4% pullback level (blue dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.1079, the upper limit of the Bollinger band indicator (black dotted line). From this level, the price may move downward.
Alternatively, the price may move upward from the level of 1.1000 (closing of yesterday’s daily candle) with the target of 1.1032, the 76.4% pullback level (blue dotted line). Upon reaching this level, a downward movement is possible with the target of 1.0958, the 23.6% pullback level (yellow dotted line). From this level, 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 1.1000 (closing of yesterday’s daily candle) with the target of 1.1032, the 76.4% pullback level (blue dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.1079, the upper limit of the Bollinger band indicator (black dotted line). From this level, the price may move downward.
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.1000 (closing of yesterday’s daily candle) with the target of 1.1032, the 76.4% pullback level (blue dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.1079, the upper limit of the Bollinger band indicator (black dotted line). From this level, the price may move downward.
Alternatively, the price may move upward from the level of 1.1000 (closing of yesterday’s daily candle) with the target of 1.1032, the 76.4% pullback level (blue dotted line). Upon reaching this level, a downward movement is possible with the target of 1.0958, the 23.6% pullback level (yellow dotted line). From this level, the price may move up.
The material has been provided by InstaForex Company – www.instaforex.com
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