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10.08.202209:14 Forex Analysis & Reviews: EUR/USD: indicator analysis and daily overview on August 10, 2022

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Trend analysis (picture 1)

On Wednesday, EUR/USD could begin a downward move from 1.0211, the closing level of yesterday's daily candlestick, with the target at 1.0181 that coincides with support plotted by the white bold line. Once this level is tested, the price may reverse upwards with the target at 1.0281 that matches the 50.0% Fibonacci retracement plotted by the red dotted line. As soon as this level is reached, the trading instrument will go down again.

Picture 1: daily chart

Complex analysis

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Bottom line

Today, the price could begin a downward move from 1.0211, the closing level of yesterday's daily candlestick, with the target at 1.0181 which coincides with support plotted by the white bold line. Once this level is tested, the price may reverse upwards with the target at 1.0281 which matches the 50.0% Fibonacci retracement plotted by the red dotted line. As soon as this level is reached, the trading instrument will go down again.

Alternative scenario

From 1.0211, the closing level of yesterday's daily candlestick, the currency pair might start a move downwards with the target at 1.0163 which matches the 38.2% Fibonacci retracement plotted by the blue dotted line. After this level is tested, the price could change a trajectory upwards with the target at 1.0281 which coincides with the 50.0% Fibonacci retracement plotted by the red dotted line.

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