FX.co ★ Indicator analysis: Daily review of EUR/USD on August 8, 2023

Trend analysis (Fig. 1).

The EUR/USD currency pair may move upward from the level of 1.1001 (closing of yesterday's daily candle) to test 1.1051, the 38.2% pullback level (blue dotted line). From this level, a continued upward movement is possible with the target at 1.1093, the 50% pullback level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 1.1001 (closing of yesterday's daily candle) to test 1.1051, the 38.2% pullback level (blue dotted line). From this level, a continued upward movement is possible with the target at 1.1093, the 50% pullback level (blue dotted line).

Alternatively, the price may move downward from the level of 1.1001 (closing of yesterday's daily candle) to test 1.0964, the 14.6% pullback level (blue dotted line). From this level, an upward movement is possible with the target at 1.1051, the 38.2% pullback level (blue dotted line). When testing this level, the price may continue to move up.