FX.co ★ Indicator analysis. Daily review for the EUR/USD pair on May 6, 2021

Trend analysis (Fig. 1).

On Thursday, the market from the level of 1.2003 (closing of yesterday's daily candlestick) may start moving upward with the target of 1.2075 - the historical resistance level (blue dotted line). Upon reaching this level, it is likely to continue moving upward with the target of 1.2102 - the 76.4% retracement level (yellow dashed line). And after testing this level, the upward movement may continue with the target of 1.2149 - the upper fractal (red dotted line).

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

On Thursday, the market from the level of 1.2003 (closing of yesterday's daily candlestick) may start moving upward with the target of 1.2075 - the historical resistance level (blue dotted line). Upon reaching this level, it is likely to continue moving upward with the target of 1.2102 - the 76.4% retracement level (yellow dashed line). And after testing this level, the upward movement may continue with the target of 1.2149 - the upper fractal (red dotted line).

Unlikely scenario: from the level of 1.2003 (closing of yesterday's daily candlestick), the pair may continue to move downward with the target of 1.1969 - the 38.2% retracement level (red dotted line). After testing this level, it may work upwards with the target at 1.1999 - the resistance line (blue bold line). And once this line is tested, the upward movement may continue with the target at 1.2075, the historical resistance level (blue dashed line).