Indicator analysis: Daily review of EUR/USD on May 4, 2023
May 4, 2023 8:25 am
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1059 (closing of yesterday’s daily candle) to 1.1106, the upper limit of the Bollinger line indicator (black dotted line). From this level, the price may move downward with the target of 1.1032, the 76.4% pullback level (blue dotted line).
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 – up.
General conclusion:
Today, the price may move upward from the level of 1.1059 (closing of yesterday’s daily candle) to 1.1106, the upper limit of the Bollinger line indicator (black dotted line). From this level, the price may move downward with the target of 1.1032, the 76.4% pullback level (blue dotted line).
Alternatively, the price may move upward from the level of 1.1059 (closing of yesterday’s daily candle) to 1.1095, the upper fractal (yellow dotted line). From this level, the price may move downward to 1.1032, the 76.4% pullback level (blue 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 1.1059 (closing of yesterday’s daily candle) to 1.1106, the upper limit of the Bollinger line indicator (black dotted line). From this level, the price may move downward with the target of 1.1032, the 76.4% pullback level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.1059 (closing of yesterday’s daily candle) to 1.1106, the upper limit of the Bollinger line indicator (black dotted line). From this level, the price may move downward with the target of 1.1032, the 76.4% pullback level (blue dotted line).
Alternatively, the price may move upward from the level of 1.1059 (closing of yesterday’s daily candle) to 1.1095, the upper fractal (yellow dotted line). From this level, the price may move downward to 1.1032, the 76.4% pullback level (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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