Indicator analysis: Daily review of EUR/USD on November 6, 2023
November 6, 2023 7:23 am
Trend analysis (Fig. 1).
The EUR/USD currency pair may move upward from the level of 1.0730 (closing of Friday’s daily candlestick) to the upper fractal at 1.0746 (yellow dotted line). In the case of testing this level, a downward movement is possible with a target at 1.0692, the 23.6% pullback level (yellow dotted line). Upon reaching this level, the price may resume its upward movement with a target at 1.0769, the historical resistance 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.
Today, the price may move upward from the level of 1.0730 (closing of Friday’s daily candlestick) to the upper fractal at 1.0746 (yellow dotted line). In the case of testing this level, a downward movement is possible with a target at 1.0692, the 23.6% pullback level (yellow dotted line). Upon reaching this level, the price may resume its upward movement with a target at 1.0769, the historical resistance level (blue dotted line).
Alternatively, the price may move upward from the level of 1.0730 (closing of Friday’s daily candlestick) to 1.0764, the 38.2% pullback level (blue dotted line). In the case of testing this level, the price may move down.
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The EUR/USD currency pair may move upward from the level of 1.0730 (closing of Friday’s daily candlestick) to the upper fractal at 1.0746 (yellow dotted line). In the case of testing this level, a downward movement is possible with a target at 1.0692, the 23.6% pullback level (yellow dotted line). Upon reaching this level, the price may resume its upward movement with a target at 1.0769, the historical resistance level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Today, the price may move upward from the level of 1.0730 (closing of Friday’s daily candlestick) to the upper fractal at 1.0746 (yellow dotted line). In the case of testing this level, a downward movement is possible with a target at 1.0692, the 23.6% pullback level (yellow dotted line). Upon reaching this level, the price may resume its upward movement with a target at 1.0769, the historical resistance level (blue dotted line).
Alternatively, the price may move upward from the level of 1.0730 (closing of Friday’s daily candlestick) to 1.0764, the 38.2% pullback level (blue dotted line). In the case of testing this level, the price may move down.
The material has been provided by InstaForex Company – www.instaforex.com
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