Indicator analysis: Daily review of EUR/USD on May 8, 2023
May 8, 2023 8:25 am
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1019 (closing of the Friday daily candle) with the target of 1.1095, the upper fractal (yellow dotted line). When testing this level, the price may move downward with the target of 1.1069, the 14.6% pullback level (red 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 1.1019 (closing of the Friday daily candle) with the target of 1.1095, the upper fractal (yellow dotted line). When testing this level, the price may move downward with the target of 1.1069, the 14.6% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.1019 (closing of Friday’s daily candle) with the target of 1.1086, the upper limit of the Bollinger band indicator (black dotted line). When testing this level, a downward movement is possible with the target of 1.1055 – the 23.6% 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 1.1019 (closing of the Friday daily candle) with the target of 1.1095, the upper fractal (yellow dotted line). When testing this level, the price may move downward with the target of 1.1069, the 14.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.1019 (closing of the Friday daily candle) with the target of 1.1095, the upper fractal (yellow dotted line). When testing this level, the price may move downward with the target of 1.1069, the 14.6% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.1019 (closing of Friday’s daily candle) with the target of 1.1086, the upper limit of the Bollinger band indicator (black dotted line). When testing this level, a downward movement is possible with the target of 1.1055 – the 23.6% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: