Indicator analysis: Daily review of EUR/USD on October 17, 2023
October 17, 2023 9:23 am
Trend analysis (Fig. 1).
The EUR/USD currency pair may move downward from the level of 1.0559 (closing of yesterday’s daily candle) to test 1.0519, the historical support level (blue dotted line). Upon testing this level, an upward movement is possible to the 1.0584 resistance level (red bold line). From here, the price may continue to rise to the target level at 1.0643, the 23.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – up;
Bollinger bands – down;
Weekly chart – up.
General conclusion: Today, the price may move downward from the level of 1.0559 (closing of yesterday’s daily candle) to test 1.0519, the historical support level (blue dotted line). Upon testing this level, an upward movement is possible to the 1.0584 resistance level (red bold line). From here, the price may continue to rise to the target level at 1.0643, the 23.6% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.0559 (closing of yesterday’s daily candle) to test the 1.0508 support level (white thin line). Upon testing this level, an upward movement is possible with a target at 1.0584, the 14.6% pullback level (blue dotted line).
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 1.0559 (closing of yesterday’s daily candle) to test 1.0519, the historical support level (blue dotted line). Upon testing this level, an upward movement is possible to the 1.0584 resistance level (red bold line). From here, the price may continue to rise to the target level at 1.0643, the 23.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: Today, the price may move downward from the level of 1.0559 (closing of yesterday’s daily candle) to test 1.0519, the historical support level (blue dotted line). Upon testing this level, an upward movement is possible to the 1.0584 resistance level (red bold line). From here, the price may continue to rise to the target level at 1.0643, the 23.6% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.0559 (closing of yesterday’s daily candle) to test the 1.0508 support level (white thin line). Upon testing this level, an upward movement is possible with a target at 1.0584, the 14.6% pullback level (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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