FX.co ★ Indicator analysis: Daily review of EUR/USD on May 5, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move downward from the level of 1.0620 (close of yesterday's daily candle) to 1.0576, the 38.2% retracement level (blue dotted line). When testing this level, the price may move upward to test 1.0639, the 23.6% retracement level (red dotted line). When this level is reached, the price may continue to move up.

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:

Today, the price may move down from the level of 1.0620 (close of yesterday's daily candle) to 1.0576, the 38.2% retracement level (blue dotted line). When testing this level, the price may move upward to test 1.0639, the 23.6% retracement level (red dotted line). When this level is reached, the price may continue to move up.

Alternative scenario: from the level of 1.0620 (close of yesterday's daily candle), the price may move downward to 1.0556, the 50.0% retracement level (blue dotted line). When testing this level, the price may move upward to test 1.0639, the 23.6% retracement level (red dotted line). When this level is reached, the price may continue to move up.