Indicator analysis: Daily review of EUR/USD on May 9, 2023
May 9, 2023 8:23 am
Trend analysis (Fig. 1).
The market may move downward from the level of 1.1005 (closing of yesterday’s daily candle) to test 1.0963, the 85.4% pullback level (red dotted line), and then will move further down with the target of 1.0942, the lower fractal (red dotted line). When testing this level, an upward pullback is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – down;
Volumes – down;
Candlestick analysis – down;
Trend analysis – down;
Bollinger bands – up;
Weekly chart – down.
General conclusion:
Today, the price may move downward from the level of 1.1005 (closing of yesterday’s daily candle) to test 1.0963, the 85.4% pullback level (red dotted line), and then will move further down, with the target of 1.0942, the lower fractal (red dotted line). When testing this level, an upward pullback is possible.
Alternatively, the price may move downward from the level of 1.1005 (closing of yesterday’s daily candle) to test 1.0963, the 85.4% pullback level (red dotted line), and then will move upward with the target of 1.1010, the 14.6% pullback level (yellow 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 1.1005 (closing of yesterday’s daily candle) to test 1.0963, the 85.4% pullback level (red dotted line), and then will move further down with the target of 1.0942, the lower fractal (red dotted line). When testing this level, an upward pullback is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move downward from the level of 1.1005 (closing of yesterday’s daily candle) to test 1.0963, the 85.4% pullback level (red dotted line), and then will move further down, with the target of 1.0942, the lower fractal (red dotted line). When testing this level, an upward pullback is possible.
Alternatively, the price may move downward from the level of 1.1005 (closing of yesterday’s daily candle) to test 1.0963, the 85.4% pullback level (red dotted line), and then will move upward with the target of 1.1010, the 14.6% pullback level (yellow dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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