FX.co ★ Indicator analysis: Daily review of EUR/USD on May 12, 2023

Trend analysis (Fig. 1).

The market may move upward from the level of 1.0914 (closing of yesterday's daily candle) to 1.0977, the 38.2% pullback level (red dotted line). When testing this level, a downward movement is possible.

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 1.0914 (closing of yesterday's daily candle) to 1.0977, the 38.2% pullback level (red dotted line). When testing this level, a downward movement is possible.

Alternatively, the price may move upward from the level of 1.0914 (closing of yesterday's daily candle) to 1.0949, the 23.6% pullback level (red dotted line). When testing this level, the price may move downwards to the 1.0908 support level (thick blue line).