Indicator analysis: Daily review of EUR/USD on October 16, 2023
October 16, 2023 8:25 am
Trend analysis (Fig. 1).
The EUR/USD currency pair may move upward from the level of 1.0507 (closing of Friday’s daily candle) to 1.0568, the 14.6% pullback level (blue dotted line). In the case of testing this level, a continued upward movement is possible with a target at the 1.0598 resistance level (red thick line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – down;
Trend analysis – down;
Bollinger bands – down;
Weekly chart – up.
Today, the price may move upward from the level of 1.0507 (closing of Friday’s daily candle) to 1.0568, the 14.6% pullback level (blue dotted line). In the case of testing this level, a continued upward movement is possible with a target at the 1.0598 resistance level (red thick line).
Alternatively, the price may move upward from the level of 1.0507 (closing of Friday’s daily candle) to 1.0568, the 14.6% pullback level (blue dotted line). In the case of testing this level, a downward movement is possible with a target of 1.0547, the 8-period EMA (red thin line).
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 1.0507 (closing of Friday’s daily candle) to 1.0568, the 14.6% pullback level (blue dotted line). In the case of testing this level, a continued upward movement is possible with a target at the 1.0598 resistance level (red thick line).
Fig. 1 (daily chart).
Comprehensive analysis:
Today, the price may move upward from the level of 1.0507 (closing of Friday’s daily candle) to 1.0568, the 14.6% pullback level (blue dotted line). In the case of testing this level, a continued upward movement is possible with a target at the 1.0598 resistance level (red thick line).
Alternatively, the price may move upward from the level of 1.0507 (closing of Friday’s daily candle) to 1.0568, the 14.6% pullback level (blue dotted line). In the case of testing this level, a downward movement is possible with a target of 1.0547, the 8-period EMA (red thin line).
The material has been provided by InstaForex Company – www.instaforex.com
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