Support & Resistance

Indicator analysis: Daily review of EUR/USD on October 26, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move upward from the level of 0.9966 (close of yesterday’s daily candle) to the upper fractal 0.9999 (blue dotted line). When testing this level, a downward pullback is possible with the target of 0.9926, the 14.6% retracement level (red dotted line). When testing this level, the price may move up.

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Fig. 1 (daily chart).

Comprehensive analysis:

  • indicator analysis – up;
  • Fibonacci levels – up;
  • volumes – up;
  • candlestick analysis – down;
  • trend analysis – up;
  • Bollinger bands – up;
  • weekly chart up.

General conclusion:

Today, the price may move upward from the level of 0.9966 (close of yesterday’s daily candle) to the upper fractal 0.9999 (blue dotted line). When testing this level, a downward pullback is possible with the target of 0.9926, the 14.6% retracement level (red dotted line). When testing this level, the price may move up.

Alternatively, the price may move upward from the level of 0.9966 (close of yesterday’s daily candle) to the upper fractal 0.9999 (blue dotted line). After testing this level, further upward movement is possible to test 1.0052, the historical resistance level (blue dotted line).

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


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