FX.co ★ Indicator analysis: Daily review of EUR/USD on May 2, 2023

Trend analysis (Fig. 1).

The market may move upward from the level of 1.0971 (closing of yesterday's daily candle) to test 1.0995, the 8-period EMA (thin blue line), and then move downward with the target of 1.0930, the historical support level (blue dotted line). Upon testing this level, an upward movement is possible with the target of 1.0958, the 23.6% pullback level (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - down;
• Volumes - down;
• Candlestick analysis - down;
• Trend analysis - down;
• Bollinger bands - up;
• Weekly chart - down.

General conclusion:

Today, the price may move upward from the level of 1.0971 (closing of yesterday's daily candle) to test 1.0995, the 8-period EMA (thin blue line), and then move downward with the target of 1.0930, the historical support level (blue dotted line). Upon testing this level, an upward movement is possible with the target of 1.0958, the 23.6% pullback level (yellow dotted line).

Alternatively, the price may move downward from the level of 1.0971 (closing of yesterday's daily candle) with the target of 1.0904, the lower limit of the Bollinger band indicator (black dotted line). When testing this level, an upward movement is possible with the target of 1.0958, the 23.6% pullback level (yellow dotted line).