FX.co ★ Indicator analysis: Daily review of EUR/USD on May 23, 2023

Trend analysis (Fig. 1).

The market may move downward from the level of 1.0811 (closing of yesterday's daily candle) to test 1.0760, the lower fractal (red dotted line). From here, an upward movement is possible with the target at 1.0808, the 14.6% pullback level (red dotted line). When testing this level, the price may move down.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move downward from the level of 1.0811 (closing of yesterday's daily candle) to test 1.0760, the lower fractal (red dotted line). From here, an upward movement is possible with the target at 1.0808, the 14.6% pullback level (red dotted line). When testing this level, the price may move down.

Alternatively, the price may move downward from the level of 1.0811 (closing of yesterday's daily candle) to test 1.0737, the 61.8% pullback level (yellow dotted line), and then move upward with the target of 1.0760, the lower fractal (red dotted line).