EUR/USD - Possible Scenarios For Euro To US Dollar

Relevance up to 03:00 2022-08-06 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Trend analysis (Fig. 1).

The euro-dollar pair may move upward from the level of 1.0245 (close of yesterday's daily candle) to 1.0281, the 50.0% retracement level (red dotted line). After testing this level, the price may continue to move upward with the target of 1.0351, the historical resistance level (blue dotted line). Upon reaching this level, a downward pullback is possible.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 1.0245 (close of yesterday's daily candle) to 1.0281, the 50.0% retracement level (red dotted line). After testing this level, the price may continue to move upward with the target of 1.0351, the historical resistance level (blue dotted line). Upon reaching this level, a downward pullback is possible.

Alternative scenario: from the level of 1.0245 (close of yesterday's daily candle), the price may move upward to 1.0281, the 50.0% retracement level (red dotted line). After testing this level, a downward movement is possible with the target of 1.0163, the 38.2% retracement level (blue dotted line). When testing this level, the price may move up.

InstaForex Analysis

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