Indicator analysis. Daily review on EUR/USD for May 4, 2020

Trend analysis (Fig. 1).

Today, a downside pullback is possible from the level of 1.0984 (closing of the Friday afternoon candle) with the target of 1.0908 – a 38.2% retracement level (presented in a red dashed line).

If this level is broken down, a continuous downward pullback is possible with the target of 1.0874 – a 50.0% retracement level (presented in a red dashed line). Upon reaching this level, an upward pullback is possible.

Fig. 1 (daily chart).

Comprehensive analysis:

– Indicator analysis – down;

– Fibonacci levels – down;

– Volumes – down;

– Candlestick analysis – down;

– Trend analysis – up;

– Bollinger Lines – up;

– Weekly schedule – up.

General conclusion:

Today, the price may move downwards with the target of 1.0908 – a 38.2% retracement level (presented n a red dashed line).

Another possible scenario is a bullish trend from the level of 1.0984 (closing of the Friday afternoon candle), with the target at the upper fractal 1.1020 (presented in a blue dashed line).

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

Source:: Indicator analysis. Daily review on EUR / USD for May 4, 2020