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FX.co ★ Indicator analysis: Daily review of EUR/USD on August 3, 2022

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Forex Analysis:::2022-08-03T07:36:02

Indicator analysis: Daily review of EUR/USD on August 3, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move upward from the level of 1.0165 (close of yesterday's daily candle) to the target of 1.0203, the 38.2% retracement level (red dotted line). After testing this level, the price may continue to move upward with the target of 1.0281, the 50.0% retracement level (red dotted line). Upon reaching this level, the price may move down.

Indicator analysis: Daily review of EUR/USD on August 3, 2022

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 – up.

General conclusion:

Today the price may move upward from the level of 1.0165 (close of yesterday's daily candle) to the target of 1.0203, the 38.2% retracement level (red dotted line). After testing this level, the price may continue to move upward with the target of 1.0281, the 50.0% retracement level (red dotted line). Upon reaching this level, the price may move down.

Alternative scenario: from the level of 1.0165 (close of yesterday's daily candle), the price may move upward with the target of 1.0203, the 38.2% retracement level (red dotted line). After testing this level, a downward movement is possible with the target of 1.0114, the 50.0% retracement level (blue dotted line). Upon reaching this level, the price may move up.

Analyst InstaForex
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