07.05.202110:19 Forex Analysis & Reviews: Indicator analysis. Daily review for the EUR/USD pair on May 7, 2021

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Yesterday, the euro/dollar pair, having tested the 1.1999 support line (blue bold line), went up, practically testing the historical resistance level of 2075 (blue dashed line). The market closed the daily candlestick at 1.2064. Today, the market may start moving down. And as per the economic calendar, important news will be released at 10.00 UTC (euro) and 12.30 UTC (dollar).

Trend analysis (Fig. 1).

On Friday, the market from the level of 1.2064 (closing of yesterday's daily candlestick) will move upward and try to reach the 76.4% retracement level - 1.2102 (yellow dashed line). After testing this level, it is likely to continue working upward with the target at 1.2149 - the upper fractal (red dotted line). Upon reaching this level, the upward movement may continue with the target of 1.2166 - the target level of 161.8% (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 1.2064 (closing of yesterday's daily candlestick) will move upward and try to reach the 76.4% retracement level - 1.2102 (yellow dashed line). After testing this level, it is possible to continue working upward with the target at 1.2149 - the upper fractal (red dotted line).

Unlikely scenario: the price from the level of 1.2064 (closing of yesterday's daily candlestick), will move downward and will try to reach the 23.6% retracement level - 1.2043 (red dotted line). After testing this line, it may continue to move downward with the target of 1.2010 - the support line (blue bold line). If this line is tested, it is possible that it will work upwards with the target at 1.2075 - the historical resistance level (blue dashed line).

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