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FX.co ★ Indicator analysis. Daily review for the EUR/USD pair on May 4, 2021

Indicator analysis. Daily review for the EUR/USD pair on May 4, 2021

Trend analysis (Fig. 1).

On Tuesday, the market from the level of 1.2063 (the closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.2012 - 21 EMA (black thin line). After testing this line, the price may continue to go down, with the target of 1.1980 – the support line of the ascending channel (blue bold line). And upon reaching this line, it is possible to further work up with the target of 1.2075 – the historical resistance level (blue dotted line).

Indicator analysis. Daily review for the EUR/USD pair on May 4, 2021

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.2063 (the closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.2012 - 21 EMA (black thin line). After testing this line, the price may continue to go down, with the target of 1.1980 – the support line of the ascending channel (blue bold line). And upon reaching this line, it is possible to further work up with the target of 1.2075 – the historical resistance level (blue dotted line).

Alternative scenario: the price from the level of 1.2063 (the closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.2012 - 21 average EMA (black thin line). Once the price tests this level, it may start working up, with a target of 1.2075 - the historical resistance level (blue dotted line).

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