16.06.202110:58 Forex Analysis & Reviews: Indicator analysis. Daily review for the EUR/USD pair on June 16, 2021

Yesterday, the euro/dollar pair went up and tested the 21 EMA - 1.2147 (black thin line). And then, the price went down and tested the 76.4% retracement level, 1.2101 (yellow dashed line), which in this case played the role of a good support level. The market closed the daily candlestick at 1.2125. Today, the market will try to continue its upward movement from the level of 1.2125. And as per the economic calendar, important news is expected at 12.30, 14.30, 18.00, 18.30 UTC (dollar). A lot will depend on the news that comes out at 18.00.

Trend analysis (Fig. 1).

Today, the market from the level of 1.2125 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target of 1.2147 - the upper fractal (daily candlestick from 06/15/2021). If this level is tested, the upward movement may continue with the target at 1.2196 - the resistance line of the descending channel (red bold line). Again, the main event of the day is the US rate, which is released at 18.00 UTC.

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 1.2125 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target of 1.2147 - the upper fractal (daily candlestick from 06/15/2021). If this level is tested, the upward movement may continue with the target at 1.2196 - the resistance line of the descending channel (red bold line).

Alternative scenario: from the level of 1.2125 (closing of yesterday's daily candlestick), it will try to start moving down with the target at 1.2074 - the support line (red bold line). Once this line is tested, an upward movement may start with the target at 1.2130 - the historical resistance level (blue dotted line).