21.05.2022
Chicago 12, Melborne City, USA
Reviews

Forex Analysis & Reviews: 02.05.2022

Relevance up to 06:00 2022-05-03 UTC + 00

Trend analysis (Fig. 1).

The euro-dollar pair may move down from the level of 1.0544 (close of Friday’s daily candle) to the target at 1.0516, 261.8% Fibonacci retracement level (blue dotted line). After testing this level, the price may move upward with the target of 1.0775, the 14.6% retracement level (red dotted line).

Exchange Rates 02.05.2022 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move down from the level of 1.0544 (close of Friday’s daily candle) to the target at 1.0516, 261.8% Fibonacci retracement level (blue dotted line). After testing this level, the price may move upward with the target of 1.0775, the 14.6% retracement level (red dotted line).

Alternative scenario: from the level of 1.0544 (close of Friday’s daily candle), the price may move down to the lower fractal at 1.0471 (red dotted line). After testing this level, the price may move upward with the target of 1.0775, the 14.6% retracement level (red dotted line).

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Stefan Doll,
Analytical expert of InstaForex
© 2007-2022

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