FX.co ★ Technical analysis of EUR/USD for March 7-12, 2022

Trend analysis (Fig. 1)

EUR/USD is likely to dip from 1.0931 (closing of the last weekly candle) to 1.0821, which is the support line (thick red line). Upon reaching it, the pair will move up to the 14.6% retracement level at 1.1031 (dashed blue line), then go to the 23.6% retracement level at 1.1161 (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

Monthly chart - uptrend

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

Conclusion: The pair will have an upward trend with a first lower shadow on the weekly white candle (Monday - downtrend) and a second upper shadow (Friday - downtrend).

And throughout the week, the pair will decline from 1.0931 (closing of the last weekly candle) to the support line at 1.0821 (thick red line), then go up to the 14.6% retracement level at 1.1031 (dashed blue line). After that it will move to the 23.6% retracement level at 1.1161 (dashed blue line).

Alternatively, the pair could fall from 1.0931 (closing of the last weekly candle) to the historical support level at 1.0695 (dashed blue line), go to the resistance line at 1.0824 (thick red line), then move to the 14.6% retracement level at 1.1031 (dashed blue line).