FX.co ★ Indicator analysis: Daily review of EUR/USD on May 16, 2023

Trend analysis (Fig. 1).

The market may move downward from the level of 1.0873 (closing of yesterday's daily candle) to test 1.0805, the 50% pullback level (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.0845, the lower fractal (red dotted line). When testing this level, the price may continue to move up.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move downward from the level of 1.0873 (closing of yesterday's daily candle) to test 1.0805, the 50% pullback level (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.0845, the lower fractal (red dotted line). When testing this level, the price may continue to move up.

Alternatively, the price may move downward from the level of 1.0873 (closing of yesterday's daily candle) to test 1.0945, the lower fractal (red dotted line), and then move upward with the target of 1.0881, the 14.6% pullback level (yellow dotted line).