18.05.202309:22 Forex Analysis & Reviews: Indicator analysis: EUR/USD daily review on May 18, 2023

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Trend analysis (Fig. 1)

EUR/USD may continue moving down this Thursday, starting from the closing of Wednesday's daily candle at 1.0840 to the 50.0% retracement level at 1.0805 (yellow dotted line). Upon reaching this price, the pair will bounce up to the 23.6% retracement level at 1.0877 (red dotted line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - downtrend

Fibonacci levels - downtrend

Volumes - downtrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - downtrend

Weekly chart - downtrend

Conclusion: EUR/USD is likely to decline from the level of 1.0840 (closing of Wednesday's daily candle) to the 50.0% retracement level at 1.0805 (yellow dotted line). Then, upon reaching this price, the pair will bounce up to the 23.6% retracement level at 1.0877 (red dotted line).

Alternatively, the pair could go down from the level of 1.0840 (closing of Wednesday's daily candle) to the lower border of the Bollinger lines at 1.0745 (black dotted line), and then climb up to the lower fractal at 1.0809 (red dotted line).

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