Indicator analysis. Daily review of EUR/USD on November 10, 2021

Trend analysis (Fig. 1)

The price from the level of 1.1592 (closing of yesterday's daily candle) is likely to decline to the level of 1.1560 – the pullback level of 50% (blue dotted line) today. After this level is tested, it may start rising to the target of 1.1615 – the pullback level of 23.6% (yellow dotted line) and then resume the upward movement to the target of 1.1671 – the pullback level of 38.2% (yellow dotted line).

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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 1.1592 (closing of yesterday's daily candle) may fall to the level of 1.1560 – the pullback level of 50% (blue dotted line). Once tested, it may start growing to the target of 1.1615 – the pullback level of 23.6% (yellow dotted line). After that, the upward movement may continue to the target of 1.1671 – the pullback level of 38.2% (yellow dotted line).

Alternatively, the price from the level of 1.1592 (closing of yesterday's daily candle) may continue to decline to the target of 1.1554 – the support line (blue bold line). After testing it, it may rise to the target of 1.1580 – the pullback level of 14.6% (yellow dotted line).

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

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