FX.co ★ Indicator analysis: Daily review of EUR/USD on May 17, 2023

Trend analysis (Fig. 1).

The market may move upward from the level of 1.0861 (closing of yesterday's daily candle) with the target of 1.0904, the 23.6% pullback level (red dotted line). Upon reaching this level, a downward movement is possible with the target of 1.0805, the 50% pullback level (yellow dotted line). From here, the price may move up.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 1.0861 (closing of yesterday's daily candle) with the target of 1.0904, the 23.6% pullback level (red dotted line). Upon reaching this level, a downward movement is possible with the target of 1.0805, the 50% pullback level (yellow dotted line). From here, the price may move up.

Alternatively, the price may move upward from the level of 1.0861 (closing of yesterday's daily candle) with the target of 1.0930, the historical resistance level (blue dotted line). Upon reaching this level, a downward movement is possible with the target of 1.0805, the 50% pullback level (yellow dotted line).