20.05.202110:59 Forex Analysis & Reviews: Indicator analysis. Daily review for the EUR/USD pair on May 20, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.2174 (closing of yesterday's daily candlestick) may start moving upwards with the target of 1.2245 - the upper fractal (red dotted line). Upon reaching this level, it is possible to continue working upwards, with the target of 1.2274 - the 85.4% retracement level (yellow dashed line). And after testing this level, it is possible to continue working upwards, with the target at 1.2345 - the historical resistance 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 market from the level of 1.2174 (closing of yesterday's daily candlestick) may start moving upwards with the target of 1.2245 - the upper fractal (red dotted line). Upon reaching this level, it is possible to continue working upwards, with the target of 1.2274 - the 85.4% retracement level (yellow dashed line). And after testing this level, it is possible to continue working upwards, with the target at 1.2345 - the historical resistance level (blue dashed line).

Unlikely scenario: from the level of 1.2174 (closing of yesterday's daily candlestick), it may start moving upwards with the target of 1.2234 - the historical resistance level (blue dotted line). Upon reaching this level, the downward movement may start, with the target of 1.2165 - the 14.6% retracement level (red dotted line).