FX.co ★ Indicator analysis. Daily review of the EUR/USD pair for August 17, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.1776 (closing of yesterday's daily candlestick) will try to continue moving down with the target at 1.1760 - the support line (red bold line). After testing this line, the price may start working upward with the target at 1.1837 - the 23.6% retracement level (blue dashed line). Upon reaching this level, it is likely to continue working upward.

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 1.1776 (closing of yesterday's daily candlestick) will try to continue moving down with the target at 1.1760 - the support line (red bold line). After testing this line, the price may start working upward with the target at 1.1837 - the 23.6% retracement level (blue dashed line). Upon reaching this level, it is likely to continue working upward.

Alternative scenario: the price from the level of 1.1776 (closing of yesterday's daily candlestick) will try to continue moving down with the target of 1.1718 - the support line (white bold line). The price, having tested this line, may start working upwards with the target at 1.1837 - the 23.6% retracement level (blue dashed line).