FX.co ★ Technical analysis for EUR/USD pair for the week of March 8-13, 2021

Trend analysis

The price from the level of 1.1914 (closing of the last weekly candle) is expected to start rising to the level of 1.2101 (blue dashed line) – a pullback level of 76.4%. After reaching this level, it may continue its growth towards the target of 1.2274 (blue dotted line) – a pullback level of 85.4%.

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 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 1.2101 (blue dashed line) – a pullback level of 76.4%. Once this is reached, the upward trend may likely extend to the target of 1.2274 (blue dotted line) – a pullback level of 85.4%.

Alternatively, the price may decline from the level of 1.1914 (closing of the last weekly candle) to the target set at 1.1777 (blue dotted line) – the historical support level. After reaching it, the downward movement may continue to the target of 1.1694 (red dotted line) – a pullback level of 38.2%.