Indicator analysis: Daily review of EUR/USD on September 6, 2023

Trend analysis (Fig. 1).

The EUR/USD currency pair may move upward from the level of 1.0721 (closing of yesterday’s daily candle) with the target at 1.0770, the historical resistance level (blue dotted line). Upon reaching this level, a continued upward movement is possible to 1.0789, the 14.6% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – up;
• Fibonacci levels – up;
• Volumes – up;
• Candlestick analysis – up;
• Trend analysis – up;
• Bollinger bands – down;
• Weekly chart – down.

Overall conclusion: Today, the price may move upward from the level of 1.0721 (closing of yesterday’s daily candle) with the target at 1.0770, the historical resistance level (blue dotted line). Upon reaching this level, a continued upward movement is possible to 1.0789, the 14.6% pullback level (red dotted line).

Alternatively, the price may move upward from the level of 1.0721 (closing of yesterday’s daily candle) with the target of 1.0770, the historical resistance level (blue dotted line). Upon reaching this level, a downward movement is possible to 1.0730, the 85.4% pullback level (red dotted line).

The material has been provided by InstaForex Company – www.instaforex.com