FX.co ★ Technical analysis of EUR/USD for February 21-26, 2022

Trend analysis

EUR/USD may rally this week, from 1.1321 (closing of the last weekly candle) to 1.1387, the 23.6% retracement level (dashed blue line). Then, it will go to 1.1494, which is the upper fractal (weekly candle from 02/06/2022).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All this points to an upward movement in EUR/USD.

Conclusion: The pair will have an upward trend with no lower shadow on the weekly white candle (Monday - up) and no upper shadow (Friday - up).

And during the week, the price will climb from 1.1321 (closing of the last weekly candle) to the 23.6% retracement level (dashed blue line) at 1.1387, then go further up to the upper fractal (weekly candle from 02/06/2022) at 1.1494.

It is very unlikely that the pair will move from 1.1321 (closing of the last weekly candle) to the resistance line at 1.1416 (white thick line), then go down to 1.1305, which is the historical resistance level (blue dotted line).