Support & Resistance

Indicator analysis: Daily review of EUR/USD on October 28, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move upward from the level of 0.9963 (close of yesterday’s daily candle) to 1.0040, the 76.4% retracement level (blue dotted line). When testing this level, a downward pullback is possible.

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Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 0.9963 (close of yesterday’s daily candle) to 1.0040, the 76.4% retracement level (blue dotted line). When testing this level, a downward pullback is possible.

Alternatively, the price may move downward from the level of 0.9963 (close of yesterday’s daily candle) to 0.9880, the 38.2% retracement level (red dotted line). Upon reaching this level, an upward movement is possible with the target of 0.9944, the 61.8% (blue dotted line). When testing this level, the price may continue to move up.

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


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