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16.11.2021 10:00 AM
Indicator analysis. Daily review of EUR/USD on November 16, 2021

Trend analysis (Fig. 1)

The price rising from the level of 1.1367 (closing of yesterday's daily candle) will try to reach the level of 1.1437 – the pullback level of 14.6% (yellow dotted line) today. After that, it will most likely continue to increase to the target of 1.1486 – the pullback level of 23.6% (yellow dotted line).

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Figure 1 (daily chart)

Comprehensive analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up
  • Candlestick analysis - up
  • Trend analysis - up
  • Bollinger lines - up
  • Weekly chart - up

General conclusion:

Today, the price moving up from the level of 1.1367 (closing of yesterday's daily candle) will try to reach the level of 1.1437 – the pullback level of 14.6% (yellow dotted line). After that, the upward trend will most likely resume to the target of 1.1486 – the pullback level of 23.6% (yellow dotted line).

Alternatively, the price from the level of 1.1367 (closing of yesterday's daily candle) will attempt to further rise to the target of 1.1305 – the historical support level (blue dotted line). After testing this level, the price can start rising to the target of 1.1387 – the historical resistance level (blue dashed line).

Stefan Doll,
Analytical expert of InstaForex
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