FX.co ★ Indicator analysis. Daily review of the EUR/USD pair for July 23, 2021

Yesterday, the euro/dollar pair went up and tested the level of 14.6% - 1.1827 (blue dotted line). And then, the price went down (working out the news), testing the lower fractal - 1.1755 (blue dotted line). The market closed the daily black candlestick at 1.1770 and may start moving up. News is expected at 7.30 UTC (euro).

Trend analysis (Fig. 1).

Today, the market from the level of 1.1770 (closing of yesterday's daily candlestick) will move upwards and try to reach the retracement level of 14.6%, which is 1.1827 (blue dotted line). After testing this level, it is possible to continue moving upward with the target at 1.1873 - the 23.6% retracement level (blue dashed 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:

Today, the price from the level of 1.1770 (closing of yesterday's daily candlestick) will move upwards and try to reach the retracement level of 14.6%, which is 1.1827 (blue dotted line). After testing this level, it is possible to continue moving upward with the target at 1.1873 - the 23.6% retracement level (blue dashed line).

Unlikely scenario: the price from the level of 1.1770 (closing of yesterday's daily candlestick) will try to continue moving downward with the target at 1.1703 - the lower fractal (red dotted line). After testing this line, it is possible to move upward with the target of 1.827 - the 14.6% retracement level (blue dashed line).