12.05.202110:29 Forex Analysis & Reviews: Indicator analysis. Daily review for the EUR/USD pair on May 12, 2021

Yesterday, the EUR/USD pair moved up and once again tested the upper fractal 1.2178 (red dotted line), working out the fundamental analysis, and only from 14.00 UTC it began to move down, according to technical analysis, closing the daily candlestick at 1.2147. Today, the market may continue to move downward from the level of 1.2147. And as per the economic calendar, important news will come out at 12.30 and 14.30 UTC (dollar).

Trend analysis (Fig. 1).

On Wednesday, the market from the level of 1.2147 (closing of yesterday's daily candle) will try to start moving down with the target of 1.2107 - the retracement level of 14.6% (red dotted line). If this level is tested, it is possible to continue working downward with the target of 1.2065 - the retracement level of 23.6% (red dashed line). And after testing this level, the continuation of the downward work is possible with the target at 1.2040 - the support line of the ascending channel (blue bold line). From this line, upward work is possible.

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 - up.

General conclusion:

Today, the price from the level of 1.2147 (closing of yesterday's daily candle) will try to start moving down with the target of 1.2107 - the retracement level of 14.6% (red dotted line). If this level is tested, it is possible to continue working downward with the target of 1.2065 - the retracement level of 23.6% (red dashed line). And after testing this level, the continuation of the downward work is possible with the target at 1.2040 - the support line of the ascending channel (blue bold line). From this line, upward work is possible.

Alternative scenario: from the level of 1.2147 (closing of yesterday's daily candlestick), it will try to start moving down with the target of 1.2107 - a 14.6% retracement level (red dotted line). In case of testing this level, it is possible to work upwards with the target at 1.2181 - the upper fractal (red dotted line).