Indicator analysis. Daily review of the EUR/USD currency pair for March 23, 2021

Trend analysis (Fig. 1).

Today, the market will try to continue moving down from the level of 1.1933 (the closing of yesterday's daily candle) with the target of 1.1912 – the 50% retracement level (blue dotted line). After this level is tested, the price may start working up with the target of 1.1954 - the historical resistance level (blue dotted line). When this level is tested, it is likely to rise further with the target of 1.1974 – 21 average EMA (black thin line).

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Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis – down;
  • Fibonacci levels – down;
  • Volumes – down;
  • Candlestick analysis – down;
  • Trend analysis – down;
  • Bollinger bands – down;
  • Weekly chart – down.

General conclusion:

Today, the price will try to continue moving down from the level of 1.1933 (the closing of yesterday's daily candle) with the target of 1.1912 – the 50% retracement level (blue dotted line). After this level is tested, the price may start working up with the target of 1.1954 - the historical resistance level (blue dotted line). When this level is tested, it is likely to rise further with the target of 1.1974 – 21 average EMA (black thin line).

Alternative scenario: from the level of 1.1927 (the closing of yesterday's daily candle), the price will try to make a downward movement with the target of 1.1912 –the 50% retracement level (blue dotted line). After this level is tested, the price may continue to work downwards with the target of 1.1887 – the 61.8% retracement level (red dotted line).

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

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