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FX.co ★ Indicator analysis: Daily review of EUR/USD on January 16, 2023

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Forex Analysis:::2023-01-16T07:49:56

Indicator analysis: Daily review of EUR/USD on January 16, 2023

Trend analysis (Fig. 1).

The euro-dollar pair may move downward from the level of 1.0829 (closing of Friday's daily candle) to 1.0776, the 23.6% retracement level (red dotted line). When testing this level, an upward movement is possible to the upper fractal at 1.0874 (red dotted line).

Indicator analysis: Daily review of EUR/USD on January 16, 2023

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move downward from the level of 1.0829 (closing of Friday's daily candle) to 1.0776, the 23.6% retracement level (red dotted line). When testing this level, an upward movement is possible to the upper fractal at 1.0874 (red dotted line).

Alternatively, the price may move downward from the level of 1.0829 (closing of Friday's daily candle) to 1.0816, the 14.6% retracement level (red dotted line). When testing this level, continued downward movement is possible to 1.0795, the 85.4% retracement level (yellow dotted line).

Analyst InstaForex
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