17.05.202111:15 Forex Analysis & Reviews: Indicator analysis. Daily review for the EUR/USD pair on May 17, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.2140 (closing of last Friday's daily candlestick) may start moving down, with the target at 1.2111 - the 14.6% retracement level (red dotted line). If this level is tested, the price may continue to move downward, with the target at 1.2079 - the support line (blue bold line). Upon reaching this line, the upward work is possible with the target at 1.2166 - the price level of 161.8% (blue dotted line).

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price, from the level of 1.2140 (closing of last Friday's daily candlestick), may start moving downward, with the target at 1.2111 - the 14.6% retracement level (red dotted line). If this level is tested, the price may continue to move down, with the target at 1.2079 - the support line (blue bold line). Upon reaching this line, the upward work is possible with the target at 1.2166 - the price level of 161.8% (blue dotted line).

Alternative scenario: the price will continue to move upward from the level of 1.2140 (closing of last Friday's daily candlestick), with the target at 1.2166 - the price level of 161.8% (blue dashed line). After testing this level, it is possible to work upwards with the target at 1.2181 - upper fractal (red dotted line).