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17.05.202209:32 Forex Analysis & Reviews: Indicator analysis: Daily review of EUR/USD on May 17, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move up from 1.0434 (close of yesterday's daily candle) to 1.0460, the 38.2% retracement level (red dotted line). When testing this level, the price may continue to move up to 1.0495, the 50% retracement level (red dotted line). A downward pullback is possible from this level.

Exchange Rates 17.05.2022 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 1.0434 (close of yesterday's daily candle) to 1.0460, the 38.2% retracement level (red dotted line). When testing this level, the price may continue to move up to 1.0495, the 50% retracement level (red dotted line). A downward pullback is possible from this level.

Alternative scenario: from 1.0434 (close of yesterday's daily candle), the price may move up to 1.0460, the 38.2% retracement level (red dotted line). When testing this level, the price may move down to the lower fractal 1.0349 (red dotted line). From this level, the price may move up.

*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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