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

Trend analysis (Fig. 1).

The euro-dollar pair may move downward from the level of 0.9941 (close of yesterday's daily candle) to 0.9862, the 423.6% Fibonacci retracement level (white dotted line). When testing this level, an upward movement is possible to 0.9952, the resistance level (thick blue line). From this level, the price may continue to move up.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today the price may move downward from the level of 0.9941 (close of yesterday's daily candle) to 0.9862, the 423.6% Fibonacci retracement level (white dotted line). When testing this level, an upward movement is possible to 0.9952, the resistance level (thick blue line). From this level, the price may continue to move up.

Alternative scenario: from the level of 0.9941 (close of yesterday's daily candle), the price may move downward to the level of 0.9904 (the current level). When testing this level, an upward movement is possible to the resistance level 0.9952 (thick blue line). Upon testing this level, the price may continue to move up.