Indicator analysis. Daily review on EUR / USD for May 4, 2020

Trend analysis (Fig. 1).

Today, a downside pullback is possible from the level of 1.0984 (closing of the Friday afternoon candle) with the target of 1.0908 - a 38.2% retracement level (presented in a red dashed line).

If this level is broken down, a continuous downward pullback is possible with the target of 1.0874 - a 50.0% retracement level (presented in a red dashed line). Upon reaching this level, an upward pullback is possible.

analytics5eafa75293fae.jpg

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, the price may move downwards with the target of 1.0908 - a 38.2% retracement level (presented n a red dashed line).

Another possible scenario is a bullish trend from the level of 1.0984 (closing of the Friday afternoon candle), with the target at the upper fractal 1.1020 (presented in a blue dashed line).

The material has been provided by InstaForex Company - www.instaforex.com