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FX.co ★ Indicator analysis. Daily review of the EUR/USD currency pair for April 6, 2021

Indicator analysis. Daily review of the EUR/USD currency pair for April 6, 2021

Trend analysis (Fig. 1).

On Tuesday, from the level of 1.1811 (closing of yesterday's daily candlestick), the market will try to continue moving upward with the target of 1.1846 - the retracement level of 50.0% (blue dotted line). When the price tests this level, it may continue to work upward with the target of 1.1880 - the 61.8% retracement level (blue dashed line). Upon reaching this level, it is likely to rise to the target of 1.1922 - the 76.4% retracement level (blue dotted line).

Indicator analysis. Daily review of the EUR/USD currency pair for April 6, 2021

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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 - up;
  • Weekly chart - up.

General conclusion:

Today, from the level of 1.1811 (closing of yesterday's daily candlestick), the price will try to continue moving upwards with the target of 1.1846 - the 50.0% retracement level (blue dashed line). When the price tests this level, it may continue to work upward with the target of 1.1880 - the 61.8% retracement level (blue dashed line). Upon reaching this level, it may further rise to the target of 1.1922 - the 76.4% retracement level (blue dashed line).

Unlikely scenario: the price from the level of 1.1811 (closing of yesterday's daily candlestick) will try to move down with the target of 1.1778 - the 76.4% retracement level (red dotted line). After testing this level, the price may continue to work downward with the target of 1.1769 - the support line (red bold line). Reaching this line will enable upward movement.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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