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07.02.2023 09:31 AM
Indicator analysis: Daily review of EUR/USD on February 7, 2023

Trend analysis (Fig. 1).

The euro-dollar pair may move upward from the level of 1.0725 (closing of yesterday's daily candle) to test 1.0756, the 14.6% pullback level (red dotted line). From this level, continued upward movement is possible to 1.0785, the 23.6% pullback level (red dotted line). When testing this level, the price may continue to move up.

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Fig. 1 (daily chart).

Comprehensive analysis:

  • Indicator analysis - 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 1.0725 (closing of yesterday's daily candle) to test 1.0756, the 14.6% pullback level (red dotted line). From this level, continued upward movement is possible to 1.0785, the 23.6% pullback level (red dotted line). When testing this level, the price may continue to move up.

Alternatively, the price may move upward from the level of 1.0725 (closing of yesterday's daily candle) to test 1.0756, the 14.6% pullback level (red dotted line). When testing this level, a downward movement is possible to 1.0709, the lower fractal (red dotted line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
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