FX.co ★ Indicator analysis: Daily review of EUR/USD on May 19, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move up from the level of 1.0460 (close of yesterday's daily candle) to test the resistance level of 1.0493 (thick blue line). Upon reaching this level, the price may continue to move up to test the upper fractal 1.0563 (yellow dotted line). Further upward movement is possible with the target of 1.0598, the 85.4% retracement level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – up;
• Fibonacci levels – up;
• Volumes – up;
• Candlestick analysis – up;
• Trend analysis – up;
• Bollinger bands – up;
• Weekly chart – up.

General conclusion:

Today the price may move up from the level of 1.0460 (close of yesterday's daily candle) to test the resistance level of 1.0493 (thick blue line). Upon reaching this level, the price may continue to move up to test the upper fractal 1.0563 (yellow dotted line). Further upward movement is possible with the target of 1.0598, the 85.4% retracement level (red dotted line).

Alternative scenario: from the level of 1.0460 (close of yesterday's daily candle), the price may move up to test the resistance at 1.0493 (bold blue line). Upon reaching this level, the price may move down to 1.0431, the 61.8% retracement level (yellow dotted line). From this level, the price may move up.