FX.co ★ Indicator analysis: Daily review of EUR/USD on November 8, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move downward from 1.0020 (close of yesterday's daily candle) to 0.9961, the 23.6% retracement level (red dotted line). Upon reaching this level, an upward movement is possible to 1.0040, the 76.4% retracement level (blue dotted line). When testing this level, the price may continue to move upward to 1.0100, the 85.4% retracement level (blue dotted line). From this level, a downward pullback is possible.

Fig. 1 (daily chart).

Comprehensive analysis:

• indicator analysis - down;
• Fibonacci levels - down;
• volumes - up;
• candlestick analysis - up;
• trend analysis - up;
• Bollinger bands - up;
• weekly chart - up.

General conclusion:

Today, the price may move downward from 1.0020 (close of yesterday's daily candle) to 0.9961, the 23.6% retracement level (red dotted line). Upon reaching this level, an upward movement is possible to 1.0040, the 76.4% retracement level (blue dotted line). When testing this level, the price may continue to move upward to 1.0100, the 85.4% retracement level (blue dotted line). From this level, a downward pullback is possible.

Alternatively, the price may move upward from the level of 1.0020 (close of yesterday's daily candle) to 1.0100, the 85.4% retracement level (blue dotted line). When testing this level, a downward movement is possible to 1.0052, the historical support level (blue dotted line). From this level, the price may move up.