Indicator analysis. EUR/USD daily review on November 5, 2021

Trend analysis (Fig. 1)

EUR/USD will move up today, from 1.1553 (closing of yesterday's daily candle) to the 14.6% retracement level (yellow dashed line) - 1.1580. Then, it will continue rising to the 38.2% retracement level (yellow dashed line) - 1.1671.

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - uptrend;

- Fibonacci levels - uptrend;

- Volumes - uptrend;

- Candlestick analysis - uptrend;

- Trend analysis - uptrend;

- Bollinger bands - uptrend;

- Weekly chart - uptrend.

Conclusion: EUR/USD will most likely rise from 1.1553 (closing of yesterday's daily candle) to the 14.6% retracement level (yellow dashed line) - 1.1580, Afterwards, it will go up to the 38.2% retracement level (yellow dashed line) - 1.1671.

That being said, there is little chance that EUR/USD will drop from 1.1553 (closing of yesterday's daily candle) to the lower fractal (yellow dashed line) - 1.1524, and then go up to the 14.6% retracement level (yellow dashed line) - 1.1580.

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

from RobotFX