FX.co ★ Indicator analysis: Daily review of EUR/USD on May 2, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move down from the level of 1.0544 (close of Friday's daily candle) to the target at 1.0516, 261.8% Fibonacci retracement level (blue dotted line). After testing this level, the price may move upward with the target of 1.0775, the 14.6% retracement level (red 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 – down.

General conclusion:

Today, the price may move down from the level of 1.0544 (close of Friday's daily candle) to the target at 1.0516, 261.8% Fibonacci retracement level (blue dotted line). After testing this level, the price may move upward with the target of 1.0775, the 14.6% retracement level (red dotted line).

Alternative scenario: from the level of 1.0544 (close of Friday's daily candle), the price may move down to the lower fractal at 1.0471 (red dotted line). After testing this level, the price may move upward with the target of 1.0775, the 14.6% retracement level (red dotted line).