FX.co ★ Technical analysis for EUR/USD pair for the week of March 15-20, 2021

Trend analysis

The price from the level of 1.1951 (closing of the last weekly candle) is expected to continue rising this week to the level of 1.2101 (blue dotted 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, both with a lower shadow (Monday - down) and an upper shadow (Friday - down) in the weekly white candlestick.

The first upward target is set at the level of 1.2101 (blue dotted line) – a pullback level of 76.4%. Once this level is reached, the upward trend will most 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 1.1951 (closing of the last weekly candlestick) to the target of 1.1777 (blue dotted line) – the historical support level. If this is reached, the downward movement may resume to the target of 1.1694 (red dotted line) – a pullback level of 38.2%.