16.07.202111:06 Forex Analysis & Reviews: Indicator analysis. Daily review of the EUR/USD pair for July 16, 2021

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Yesterday, the euro/dollar pair went up and tested the 13 EMA - 1.1852 (yellow thin line). And then, it went down and tested the historical support level - 1.1811 (blue dashed line). The market closed the daily candlestick at 1.1811. Today, the market may continue to move up. And according to the economic calendar, news is expected at 9.00 UTC (euro) and 12.30 UTC (dollar).

Trend analysis (Fig. 1).

Today, the market from the level of 1.1811 (closing of yesterday's daily candlestick) is expected to move upward and try to reach the retracement level of 14.6%, which is at 1.1843 (blue dotted line). After testing this level, it is possible to continue moving upward with the target at 1.1888 - the retracement level of 23.6% (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 price from the level of 1.1811 (closing of yesterday's daily candlestick) is expected to move upward and try to reach the retracement level of 14.6%, which is at 1.1843 (blue dotted line). After testing this level, it is possible to continue moving upward with the target at 1.1888 - the retracement level of 23.6% (blue dashed line).

Alternative scenario: the price from the level of 1.1811 (closing of yesterday's daily candlestick) will try to continue moving downward with the target at 1.1772 - the lower fractal (blue dashed line). After testing this level, it is possible to move upward with the target of 1.843 - the retracement level of 14.6% (blue dashed line).

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