FX.co ★ Indicator analysis: Daily review of EUR/USD on November 16, 2023

Trend analysis (Fig. 1).

The EUR/USD currency pair may move downward from the level of 1.0846 (closing of yesterday's daily candle) to 1.0800, the 23.6% pullback level (yellow dotted line). In the case of testing this level, an upward movement is possible with a target of 1.0861, the 50.0% pullback level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.0846 (closing of yesterday's daily candle) to 1.0800, the 23.6% pullback level (yellow dotted line). In the case of testing this level, an upward movement is possible with a target of 1.0861, the 50.0% pullback level (blue dotted line).

Alternatively, the price may move downward from the level of 1.0846 (closing of yesterday's daily candle) to the 1.0782 support level (white thick line). In the case of testing this level, an upward movement is possible with a target of 1.0836, the historical resistance level (blue dotted line).