FX.co ★ Indicator analysis. Daily review for the EUR/USD pair on May 21, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.2227 (closing of yesterday's daily candlestick) is likely to move upward and try to reach the 85.4% retracement level - 1.2274 (yellow dashed line). After testing this level, the continuation of the upward work will be possible, with the target at 1.2345 - the historical resistance level (blue dotted line).

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, the price from the level of 1.2227 (closing of yesterday's daily candlestick) is likely to move upward and try to reach the 85.4% retracement level - 1.2274 (yellow dashed line). After testing this level, the continuation of the upward work will be possible, with the target at 1.2345 - the historical resistance level (blue dotted line).

Unlikely scenario: the price from the level of 1.2227 (closing of yesterday's daily candlestick) will move upward and try to reach the upper fractal - 1.2245 (red dotted line). After testing this level, it may work down with the target at 1.2165 - the 14.6% retracement level (red dashed line). In case of testing this line, it is possible that the work will continue downwards with the target of 1.2117 - the 23.6% retracement level (red dotted line), then the upside is possible.