FX.co ★ Technical analysis of EUR/USD for March 2022

trend analysis

EUR/USD is likely to rise from 1.1217 (the closing of the February monthly candle) to 1.1286, which is the 14.6% retracement level (dashed blue line). Upon reaching it, the pair will move further up to the 23.6% retracement level at 1.1398 (dashed blue line), then go to the 38.2% retracement level at 1.1579 (dashed blue line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - 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 monthly white candle and no second upper shadow.

And throughout the month, the pair will climb from 1.1217 (the closing of the February monthly candle) to the 14.6% retracement level at 1.1286 (dashed blue line), then go further up to the 23.6% retracement level at 1.1398 (dashed blue line) and the 38.2% retracement level at 1.1579 (dashed blue line).

Alternatively, the pair could decline from 1.1217 (the closing of the February monthly candle) to the lower fractal at 1.1106 (blue dotted line), then bounce back to 1.1286, which is the 14.6% retracement level (dashed blue line).