FX.co ★ Indicator analysis: Daily review of EUR/USD on January 6, 2023

Trend analysis (Fig. 1).

The euro-dollar pair may move downward from the level of 1.0520 (closing of yesterday's daily candle) to the 1.0487 support level (thick blue line). When testing this level, an upward movement is possible to 1.0592, the 85.4% retracement level (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move downward from the level of 1.0520 (closing of yesterday's daily candle) to the 1.0487 support level (thick blue line). When testing this level, an upward movement is possible to 1.0592, the 85.4% retracement level (yellow dotted line).

Alternatively, the price may move upward from the level of 1.0520 (closing of yesterday's daily candle) to the 1.0656 resistance level (thick red line). Upon testing this level, the price may continue to move up.