FX.co ★ Technical analysis of EUR/USD for February 27 to March 4, 2023

Trend analysis

EUR/USD may move upwards this week, starting from the level of 1.0545 (closing of the last weekly candle) to the 23.6% retracement level at 1.0655 (red dotted line). Then, after this price is reached, the pair will climb further up.

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All these point to an upward movement in EUR/USD.

Conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - up) and a second upper shadow (Friday - down).

So during the week, euro will move from 1.0545 (closing of the last weekly candle) to the 23.6% retracement level at 1.0655 (red dotted line) and then climb further up.

Alternatively, the quote may continue a downward movement from 1.0545 (closing of the last weekly candle) to the 38.2% retracement level at 1.0459 (blue dotted line). Once this level is reached, a price increase is possible.