FX.co ★ Indicator analysis of EUR/USD for February 16, 2022

Trend analysis (Fig. 1).

The market may move up on Wednesday from the level of 1.1357 (close of yesterday's daily candle) to the target level of 1.1382, the 50% retracement level (blue dotted line). After testing this level, the price may continue to move upward to the target level of 1.1406, the 61.8% retracement level (blue dotted line). A downward rollback may begin from this level.

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger bands - up;

- Weekly chart - up.

General conclusion:

The price may move up from the level of 1.1357 (close of yesterday's daily candle) to the target level of 1.1382, the 50% retracement level (blue dotted line). After testing this level, the price may continue to move upward to the target level of 1.1406, the 61.8% retracement level (blue dotted line). A downward rollback may begin from this level.

Unlikely scenario: from the level of 1.1357 (the close of yesterday's daily candle), the price may start to move down to the target level of 1.1302, the 50% retracement level (red dotted line). When testing this level, the price may move upward to the target level of 1.1328, the 23.6% retracement level (blue dotted line).