FX.co ★ Indicator analysis: Daily review of EUR/USD on October 20, 2023

Trend analysis (Fig. 1).

The EUR/USD currency pair may move downward from the level of 1.0581 (closing of yesterday's daily candlestick) to the 1.0563 support level (red thick line). In the case of testing this level, an upward movement is possible with a target at 1.0615, the historical resistance level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.0581 (closing of yesterday's daily candlestick) to the 1.0563 support level (red thick line). In the case of testing this level, an upward movement is possible with a target at 1.0615, the historical resistance level (blue dotted line).

Alternatively, the price may move upward from level 1.0581 (closing of yesterday's daily candlestick) to 1.0643, the 23.6% pullback level (blue dotted line). In the case of testing this level, a downward movement is possible.