Technical analysis for EUR/USD pair for the week of February 22-27, 2021

Trend analysis

The price from the level of 1.2117 (closing of the last weekly candle) may continue rising to the level of 1.2274 (blue dotted line) – a pullback level of 85.4% this week. After reaching this level, it may further move up towards the target of 1.2349 (red dotted line) – the upper fractal.

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis – up
• Fibonacci levels – up
• Volumes – up
• Candlestick analysis – up
• Trend analysis – up
• Bollinger lines – up
• Monthly chart – up

An upward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend, without the lower shadow (Monday – up) and with an upper shadow (Friday – down) in the weekly white candlestick.

The first upward target is set at the level of 1.2274 (blue dotted line) – a pullback level of 85.4%. Once this level is reached, the upward movement may possibly resume to the target of 1.2349 (red dotted line) – the upper fractal.

Alternatively, the price from the level of 1.2117 (closing of the last weekly candle) may decline to the target of 1.1943 (red dotted line) – a pullback level of 38.2% and then move up to the resistance target level of 1.2066 (blue bold line).

The material has been provided by InstaForex Company – www.instaforex.com