Indicator analysis. Daily review for the EUR/USD pair for August 23, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.1698 (closing of last Friday's daily candlestick) may continue to move upward with the target at 1.1723 - the 23.6% retracement level (blue dotted line). When this line is tested, the upward movement may continue with the target of 1.1759 - the 38.2% retracement level (blue dashed line).

Figure 1 (Daily Chart).

Comprehensive analysis:

• Indicator analysis - up;
• Fibonacci levels - up;
• Volumes - up;
• Candlestick analysis - up;
• Trend analysis - up;
• Bollinger lines - down;
• Weekly chart - up.

General conclusion:

Today, the price from the level of 1.1698 (closing of last Friday's daily candlestick) may continue to move upward with the target at 1.1723 - the 23.6% retracement level (blue dotted line). When this line is tested, the upward movement may continue with the target of 1.1759 - the 38.2% retracement level (blue dashed line).

Alternative scenario: the price from the level of 1.1698 (closing of last Friday's daily candlestick) may continue to move upward with the target at 1.1723 - the 23.6% retracement level (blue dashed line). When this line is tested, it is likely to move downward with the target of 1.1678 - the support line (white thick line). Once this line is tested, it may move upward with the target of 1.1701 - the 14.6% retracement level (blue dashed line).

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

from RobotFX