09.08.2022
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Forex Analysis & Reviews: 11.05.2022

Relevance up to 06:00 2022-05-12 UTC + 00

Trend analysis (Fig. 1).

The euro-dollar pair may move up from the level of 1.0527 (close of yesterday’s daily candle) to the target of 1.0562, the 50% retracement level (blue dotted line). After testing this level, the price may continue to move up with the target of 1.0580, the 61.8% retracement level (blue dotted line). From this level, downward movement is possible.

Exchange Rates 11.05.2022 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move up from the level of 1.0527 (close of yesterday’s daily candle) to the target of 1.0562, the 50% retracement level (blue dotted line). After testing this level, the price may continue to move up with the target of 1.0580, the 61.8% retracement level (blue dotted line). From this level, downward movement is possible.

Alternative scenario: from the level of 1.0527 (close of yesterday’s daily candle), the price may move up with the target of 1.0562, the 50% retracement level (blue dotted line). After testing this level, the price may move down to the support at 1.0493 (thick blue line). From this level, upward movement is possible with the target at 1.0505, the 14.6% retracement level (blue 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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