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FX.co ★ Indicator analysis: Daily review of EUR/USD on May 16, 2022

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Forex Analysis:::2022-05-16T07:29:58

Indicator analysis: Daily review of EUR/USD on May 16, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move up from 1.0408 (close of Friday's daily candle) to the target of 1.0461, the 38.2% retracement level (red dotted line). After testing this level, the price may continue to move up with the target of 1.0495, the 50.0% retracement level (red dotted line). From this level, downward movement is possible.

Indicator analysis: Daily review of EUR/USD on May 16, 2022

Fig. 1 (daily chart).

Comprehensive analysis:

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

Today, the price may move up from 1.0408 (close of Friday's daily candle) to the target of 1.0461, the 38.2% retracement level (red dotted line). After testing this level, the price may continue to move up with the target of 1.0495, the 50.0% retracement level (red dotted line). From this level, downward movement is possible.

Alternative scenario: from the level of 1.0408 (close of Friday's daily candle), the price may move down to the lower fractal 1.0349 (red dotted line). After testing this level, upward movement is possible.
Analyst InstaForex
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