FX.co ★ Indicator analysis. Daily review for the EUR/USD pair on May 11, 2021

Trend analysis (Fig. 1).

On Tuesday, the market from the level of 1.2127 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.2075 - the historical support level (blue dotted line). Once this level is tested, the price may start working upwards with the target of 1.2102 - the 76.4% retracement level (yellow dashed line). And upon reaching this line, it is likely to move upward with the target of 1.2178 - the upper fractal (red dotted line).

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 1.2127 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.2075 - the historical support level (blue dotted line). Once this level is tested, the price may start working upwards with the target of 1.2102 - the 76.4% retracement level (yellow dashed line). And upon reaching this line, it is likely to move upward with the target of 1.2178 - the upper fractal (red dotted line).

Alternative scenario: the price from the level of 1.2127 (closing of yesterday's daily candlestick) will try to continue moving downward with the target at 1.2075 - the historical support level (blue dotted line). The price, having tested this level, may continue to work downward with the target at 1.2029 - the support line (blue bold line). Upon reaching this line, it will further work upward with the target of 1.2102 - the 76.4% retracement level (yellow dashed line).