16.04.202110:00 Forex Analysis & Reviews: Indicator analysis. Daily forecast for EUR/USD on April 16, 2021

Trend analysis (Fig. 1)

Today, the price from the level of 1.1965 (closing of yesterday's daily candlestick), which is declining, will attempt to reach the support line of 1.1937 (blue bold line). Once this line is tested, it can move up to a target of 1.1988 – the upper fractal (blue dotted line). After reaching this level, it may further increase to the target of 1.2062 – upper border of the Bollinger line indicator (black dotted line) and then continue growth towards the target of 1.2101 – the pullback level of 76.4% (yellow dotted line).

Figure 1 (daily chart)

Comprehensive analysis:

• Indicator analysis - down
• Fibonacci levels - down
• Volumes - down
• Candlestick analysis - down
• Trend analysis - down
• Bollinger lines - down
• Weekly chart - down

Overall conclusion:

The price from the level of 1.1965 (closing of yesterday's daily candlestick), which is declining, will attempt to reach the support line of 1.1937 (blue bold line) today. After testing this line, it can rise to a target of 1.1988 – the upper fractal (blue dotted line). Once this level is reached, it may further increase to the target of 1.2062 – upper border of the Bollinger line indicator (black dotted line) and then continue growth towards the target of 1.2101 – the pullback level of 76.4% (yellow dotted line).

Alternatively, the price from the level of 1.1965 (closing of yesterday's daily candlestick) will decline and attempt to reach the level of 1.1924 – a pullback level of 23.6% (red dotted line). After testing this level, the downward movement may extend to the target of 1.1883 – a pullback level of 38.2% (red dotted line), and only after reaching this level the upward movement will resume.