Technical analysis for EUR/USD pair for the week of March 1-5, 2021
The euro/dollar pair rose last week, but failed to reach the level 1.2274 (blue dotted line) – a pullback level of 85.4%, since the news background prevented it. Thus, the price declined and tested the support line of 1.2075 (blue bold line). This week, the price may start rising.
The price from the level of 1.2073 (closing of the last weekly candle) may start increasing 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)
- 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 a 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%. Upon reaching it, the upward movement may extend to the target of 1.2349 (red dotted line) – the upper fractal.
Alternatively, the price from the level of 1.2073 (closing of the last weekly candle) may decline to the target of 1.1943 – a pullback level of 23.6% (red dotted line), and then followed by an upturn to the target of 1.2076 (blue bold line) – resistance line.
The material has been provided by InstaForex Company – www.instaforex.com