FX.co ★ Indicator analysis: Daily review of EUR/USD on May 6, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move down from the level of 1.0540 (close of yesterday's daily candle) to 1.0511, the 76.4% retracement level (blue dotted line). After testing this level, the price may move upward with the target of 1.0575, the 14.6% retracement level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – down;
• Fibonacci levels – up;
• Volumes – up;
• Candlestick analysis – up;
• Trend analysis – up;
• Bollinger bands – up;
• Weekly chart – up.

General conclusion:

Today, the price may move down from the level of 1.0540 (close of yesterday's daily candle) to 1.0511, the 76.4% retracement level (blue dotted line). After testing this level, the price may move upward with the target of 1.0575, the 14.6% retracement level (red dotted line).

Alternative scenario: from the level of 1.0540 (close of yesterday's daily candle), the price may move down to 1.0496, the 85.4% retracement level (blue dotted line). After testing this level, the price may move up with the target of 1.0575, the 14.6% retracement level (red dotted line).