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12.10.202109:18 Forex Analysis & Reviews: Indicator analysis. Daily review of EUR/USD for October 12, 2021

The pair moved up on Monday, tested the 8 EMA at 1.1585 (blue thin line), then went down, closing the daily candle at 1.1551. Today, the market may start to move up. News is expected at 09:00 UTC (euro) and 14:00 UTC (dollar).

Trend analysis (Fig. 1).

The market moved up from the level of 1.1551 (closing of yesterday's daily candle), attempting to reach 1.1584 - the 14.6% retracement level (yellow dashed line) and, most likely, will go further upwards with the target of 1.1618 - the 23.6% retracement level (yellow dashed line ).

Exchange Rates 12.10.2021 analysis

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - down;

- Weekly chart - up.

General conclusion:

Today, the price moved upward from the level of 1.1551 (closing of yesterday's daily candle), attempting to reach 1.1584 - the 14.6% retracement level (yellow dashed line) and, most likely, will go further upward with the target of 1.1618 - the 23.6% retracement level (yellow dashed line).

Unlikely scenario: from the level of 1.1551 (closing of yesterday's daily candle), the price will continue moving downward with the target at the support level of 1.1512 (red bold line). After testing this level, the price may begin to move upward.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Stefan Doll,
Analytical expert of InstaForex
© 2007-2022
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