FX.co ★ Indicator analysis: Daily review of EUR/USD on May 11, 2023

Trend analysis (Fig. 1).

The market may move downward from the level of 1.0981 (closing of yesterday's daily candle) to 1.0930, the historical support level (blue dotted line). From this level, the price may move upwards with the target of 1.0977, the 23.6% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move downward from the level of 1.0981 (closing of yesterday's daily candle) to 1.0930, the historical support level (blue dotted line). From this level, the price may move upwards with the target of 1.0977, the 23.6% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.0981 (closing of yesterday's daily candle) to the 1.0917 support level (thick blue line). From this level, an upward movement is possible to 1.0963, the 14.6% pullback level (red dotted line).