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11.03.2024 09:01 AMTrend analysis
EUR/USD may continue moving upward this week, rising from 1.0937 (closing price of the last weekly candle) to the 14.6% retracement level of 1.0959 (yellow dashed line). Upon testing this level, the pair will move further up towards the 85.4% retracement level of 1.1074 (red dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - upward
Fibonacci levels - upward
Volumes - upward
Candlestick analysis - upward
Trend analysis - upward
Bollinger bands - upward
Monthly chart - upward
Conclusion: The indicators point to an upward movement in EUR/USD.
Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and no second upper shadow (Friday - upward).
Therefore, during the week, euro will climb from 1.0937 (closing price of the last weekly candle) to the 14.6% retracement level of 1.0959 (yellow dashed line), followed by a further rise to the 85.4% retracement level of 1.1074 (red dashed line).
Alternatively, it could increase from 1.0937 (closing price of the last weekly candle) to the 14.6% retracement level of 1.0959 (yellow dashed line), and then pull back to the 23.6% retracement level of 1.0976 (yellow dashed line).
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