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Indicator analysis: Daily review of EUR/USD on October 18, 2023
October 18, 2023 8:25 amVideo
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Trend analysis (Fig. 1).
The EUR/USD currency pair may move upward from the level of 1.0576 (closing of yesterday’s daily candle) to 1.0588, the 21-period EMA (black thin line). Upon reaching this level, a continued upward movement is possible with a target at 1.0643, the 23.6% pullback level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: today, the price may move upward from the level of 1.0576 (closing of yesterday’s daily candle) to 1.0588, the 21-period EMA (black thin line). Upon reaching this level, a continued upward movement is possible with a target at 1.0643, the 23.6% pullback level (blue dotted line).
Alternatively, the price may move upward from the level of 1.0576 (closing of yesterday’s daily candle) to 1.0588, the 21-period EMA (black thin line). Upon reaching this level, a downward movement is possible with a target at 1.0533, the lower fractal (daily candle from 17/10/2023).
The material has been provided by InstaForex Company – www.instaforex.com
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