FX.co ★ Indicator analysis. Daily review on EUR / USD for May 6, 2020

The pair traded downwards on Tuesday and broke through the level of 1.0874 - a 50% pullback level (presented in a red dashed line) then proceeded downwards testing the level of 1.0840 - a 61.8% pullback level (presented in a red dashed line). Today, the downward movement may continue. Economic calendar news for the dollar is expected at 12:15 and 14:30 UTC.

Trend analysis (Fig. 1).

Today, the downward trend may continue from the level of - 1.0843 (closing of yesterday's candle) with the target of 1.0797 - a 76.4% retracement level (presented in a red dashed line), followed by a breakdown of this level downwards. It is very likely that from this level, the price may continue to move downwards with the target of 1.0771 - an 85.4% pullback level (presented in a red dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly schedule - down.

General conclusion:

Today, the price may continue to move downwards with the target of 1.0797 - a 76.4% retracement level (presented in a red dashed line).

Another possible scenario is a bullish trend from the level of 1.0797 - a 74.6% retracement level (presented in a red dashed line) with a target at 1.0861 - a 50% retracement level (presented in a blue dashed line).