FX.co ★ Indicator analysis. Daily review of EUR/USD for September 16, 2021

The pair moved sideways on Wednesday, closing the daily candle at 1.1816. On Thursday, the market may move downward. News is expected at 12:00 UTC (euro) and 12:30 UTC (dollar).

Trend analysis (Fig. 1).

The market may move downward from the level of 1.1816 (closing of yesterday's daily candle) to test 1.1786 - the 50.0% retracement level (red dotted line). Upon reaching this level, the price may start moving upward with the target at 1.1823 - the 38.2% retracement level (yellow dashed line). From here, further upward movement is expected.

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - up;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly chart - up.

General conclusion:

Today, the market may move downward from the level of 1.1816 (closing of yesterday's daily candle) to test 1.1786 - the 50.0% retracement level (red dotted line). Upon reaching this level, the price may start moving upward with the target at 1.1823 - the 38.2% retracement level (yellow dashed line). From here, further upward movement is expected.

Alternative scenario: the price may move downward from the level of 1.1816 (closing of yesterday's daily candle) to test 1.1786 - the 50.0% retracement level (red dotted line). Upon reaching this level, the price may continue to move downward with the target at 1.1770 - the historical resistance level (blue dotted line). When testing this level, the price may begin to move up.