FX.co ★ Indicator analysis: Daily review of EUR/USD on July 18, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move upward from 1.0078 (close of Friday's daily candle) to test the historical support level of 1.0114 (blue dotted line). From here, the price may move upward with the target of 1.0204, the 38.2% retracement level (red dotted line). After testing this level, a downward pullback is possible with the target at 1.0083, the 208% Fibonacci retracement 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 upward from the level of 1.0078 (close of Friday's daily candle) to test the historical support level of 1.0114 (blue dotted line). From here, the price may move upward with the target of 1.0204, the 38.2% retracement level (red dotted line). After testing this level, a downward pullback is possible with the target at 1.0083, the 208% Fibonacci retracement level (blue dotted line).

Alternative scenario: from the level of 1.0078 (close of Friday's daily candle), the price may move downward with the target at 0.9952, the lower fractal (red dotted line). After testing this level, an upward movement is possible with the target of 1.0048, the 14.6% retracement level (red dotted line).