FX.co ★ Indicator analysis: Daily review of EUR/USD on May 23, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move up from the level of 1.0562 (close of Friday's daily candle) to the upper fractal 1.0641 (red dotted line). After testing this level, the price may continue to move upward with the target of 1.0760, the historical resistance level (blue 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 1.0562 (close of Friday's daily candle) to the upper fractal 1.0641 (red dotted line). After testing this level, the price may continue to move upward with the target of 1.0760, the historical resistance level (blue dotted line).

Alternative scenario: from the level of 1.0562 (close of Friday's daily candle), the price may move upward to the upper fractal1.0641 (red dotted line). After testing this level, downward movement is possible with the target at the support level 1.0507 (thick white line).