Indicator analysis: Daily review of EUR/USD on November 7, 2023
November 7, 2023 8:23 am
Trend analysis (Fig. 1).
The EUR/USD currency pair may move downward from the level of 1.0716 (closing of yesterday’s daily candle) to test 1.0692, the 23.6% pullback level (yellow dotted line). Upon testing this level, an upward movement is possible with a target at 1.0756, the upper fractal (daily candle from 06/11/2023). In the case of testing this level, the price may continue to move up.
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – down;
Volumes – down;
Candlestick analysis – down;
Trend analysis – down;
Bollinger bands – down;
Weekly chart – up.
General conclusion: Today, the price may move downward from the level of 1.0716 (closing of yesterday’s daily candle) to test 1.0692, the 23.6% pullback level (yellow dotted line). Upon testing this level, an upward movement is possible with a target at 1.0756, the upper fractal (daily candle from 06/11/2023). In the case of testing this level, the price may continue to move up.
Alternatively, the price may move downward from the level of 1.0716 (closing of yesterday’s daily candle) to test 1.0677, the 5-period EMA (red thin line). Upon testing this level, an upward movement is possible with a target at 1.0756, the upper fractal (daily candle from 06/11/2023).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The EUR/USD currency pair may move downward from the level of 1.0716 (closing of yesterday’s daily candle) to test 1.0692, the 23.6% pullback level (yellow dotted line). Upon testing this level, an upward movement is possible with a target at 1.0756, the upper fractal (daily candle from 06/11/2023). In the case of testing this level, the price may continue to move up.
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: Today, the price may move downward from the level of 1.0716 (closing of yesterday’s daily candle) to test 1.0692, the 23.6% pullback level (yellow dotted line). Upon testing this level, an upward movement is possible with a target at 1.0756, the upper fractal (daily candle from 06/11/2023). In the case of testing this level, the price may continue to move up.
Alternatively, the price may move downward from the level of 1.0716 (closing of yesterday’s daily candle) to test 1.0677, the 5-period EMA (red thin line). Upon testing this level, an upward movement is possible with a target at 1.0756, the upper fractal (daily candle from 06/11/2023).
The material has been provided by InstaForex Company – www.instaforex.com
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