Indicator analysis: Daily review of EUR/USD on May 30, 2023
May 30, 2023 9:22 am
Trend analysis (Fig. 1).
The market may move downward from the level of 1.0707 (closing of yesterday’s daily candle) to test 1.0652, the 76.4% pullback level (yellow dotted line). Upon testing this level, an upward movement is possible with the target of 1.0696, the historical resistance level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – down;
Volumes – down;
Candlestick analysis – down;
Trend analysis – down;
Bollinger bands – down;
Weekly chart – down.
General conclusion:
Today, the price may move downward from the level of 1.0707 (closing of yesterday’s daily candle) to test 1.0652, the 76.4% pullback level (yellow dotted line). Upon testing this level, an upward movement is possible with the target of 1.0696, the historical resistance level (blue dotted line).
Alternatively, the price may move downward from the level of 1.0707 (closing of yesterday’s daily candle) to test 1.0631, the lower border of the Bollinger band indicator (black dotted line), and then move upward with the target of 1.0742, 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 downward from the level of 1.0707 (closing of yesterday’s daily candle) to test 1.0652, the 76.4% pullback level (yellow dotted line). Upon testing this level, an upward movement is possible with the target of 1.0696, the historical resistance level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move downward from the level of 1.0707 (closing of yesterday’s daily candle) to test 1.0652, the 76.4% pullback level (yellow dotted line). Upon testing this level, an upward movement is possible with the target of 1.0696, the historical resistance level (blue dotted line).
Alternatively, the price may move downward from the level of 1.0707 (closing of yesterday’s daily candle) to test 1.0631, the lower border of the Bollinger band indicator (black dotted line), and then move upward with the target of 1.0742, the 14.6% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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