Analytical Reviews

Forexmart's analytical reviews provide up-to-date technical information about the financial market. These reports range from stock trends, to financial forecasts, to global economy reports, and political news that impact the market.

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Indicator analysis of EUR/USD on October 7
03:02 2022-10-07 UTC--4

Trend analysis (fig. 1).

Today, the pair may start moving up to 0.9853 (blue dotted line), the Fibo level of 38.2%, from 0.9798, the closing of yesterday's daily candlestick. If the price hits this level, it is likely to climb to 0.9952, the Fibo retracement level of 50.0% (blue dotted line). When testing this level, it may retreat.

Fig. 1 (daily chart).

Complex analysis:

- indicator analysis –up;

- Fibonacci retracement levels– up;

- trading volumes – up;

- candlestick analysis – up;

- trend analysis – up;

- Bollinger bands – down;

- weekly chart-up.

Conclusion:

Today, the pair may start moving up to 0.9853 (blue dotted line), the Fibo level of 38.2%, from 0.9798, the closing of yesterday's daily candlestick. If the price hits this level, it is likely to climb to 0.9952, the Fibo retracement level of 50.0% (blue dotted line). When testing this level, it may retreat.

Alternatively, the price could decline to 0.9767 (red dotted line), the Fibo retracement level of 50.0%, from 0.9798 (closing of yesterday's daily candlestick). After reaching this level, it may grow to 0.9853, the Fibo retracement level of 38.2% (blue dotted line). When testing this level, the pair could rise higher.

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.