FX.co ★ Indicator analysis of EUR/USD for February 17, 2022

Trend analysis (Fig. 1).

The market may move down on Thursday from the level of 1.1371 (close of yesterday's daily candle) to test 1.1331, the 21-day simple moving average (black dotted line). Upon reaching this level, the price may move upwards to the target level of 1.1406, the 61.8% retracement level (blue dotted line).

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger bands - up;

- Weekly chart - up.

General conclusion:

The market may move down from the level of 1.1371 (close of yesterday's daily candle) to test 1.1331, the 21-day simple moving average (black dotted line). Upon reaching this level, the price may move upwards to the target level of 1.1406, the 61.8% retracement level (blue dotted line).

Alternative scenario: from the level of 1.1371 (close of yesterday's daily candle), the price may start to move down to test 1.1331, the 21-day simple moving average (black dotted line). Upon reaching this level, the price may continue to move downward to the target level of 1.1305, the historical support level (blue dotted line). When testing this level, the price may start to move up to the target level of 1.1395, the upper fractal (daily candle from 16/02/2022).