Technical Analysis of Daily Price Movement of EUR/USD Main Currency Pairs, Monday May 08 2023.
May 8, 2023 5:22 am
It can be seen on the daily chart that the main EUR/USD currency pair is moving in a channel that is going upwards which means that EUR/USD is in a bullish bias condition. However, we can also see the appearance of a deviation phenomenon between price movements and the MACD indicator so based on this information we can predict if in the next few days Fiber will try to re-test the Resistance level at 1.1096 and then it will drop down to the 1.0910 level. If this level is successfully broken below, EUR/USD will continue its decline to the 1.0806 level.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
It can be seen on the daily chart that the main EUR/USD currency pair is moving in a channel that is going upwards which means that EUR/USD is in a bullish bias condition. However, we can also see the appearance of a deviation phenomenon between price movements and the MACD indicator so based on this information we can predict if in the next few days Fiber will try to re-test the Resistance level at 1.1096 and then it will drop down to the 1.0910 level. If this level is successfully broken below, EUR/USD will continue its decline to the 1.0806 level.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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