14.08.2022
Chicago 12, Melborne City, USA
Reviews

Forex Analysis & Reviews: 07/01/2022

Relevance up to 07:00 2022-07-02 UTC+00

Trend analysis (Fig. 1).

The euro-dollar pair may move downward from 1.0482 (close of yesterday’s daily candle) to the support level at 1.0392 (thick blue line). After testing this level, the price may move upwards with the target of 1.0416, the 14.6% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.

Exchange Rates 01.07.2022 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today the price may move downward from 1.0482 (close of yesterday’s daily candle) to the support level at 1.0392 (thick blue line). After testing this level, the price may move upwards with the target of 1.0416, the 14.6% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.

Alternative scenario: from the level of 1.0482 (close of yesterday’s daily candle), the price may move downward to 1.0417, the 14.6% retracement level (red dotted line). After testing this level, an upward movement is possible with the target of 1.0471, the 38.2% 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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