FX.co ★ Indicator Analysis of EUR/USD on January 16, 2024

Trend analysis (Fig. 1).

The EUR/USD currency pair may move downward from the level of 1.1049 (closing of Friday's daily candle) to test 1.0882, the 61.8% pullback level (yellow dotted line). After that, an upward movement is possible to 1.0904, the 61.8% pullback level (red dotted line).

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 1.1049 (closing of Friday's daily candle) to test 1.0882, the 61.8% pullback level (yellow dotted line). After that, an upward movement is possible to 1.0904, the 61.8% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.1049 (closing of Friday's daily candle) to test 1.0904, the 61.8% pullback level (red dotted line). After that, the price may move upward to the 1.0920 resistance level (white thick line).