FX.co ★ Technical analysis of EUR/USD for March 2023

Trend analysis:

EUR/USD will probably move upwards in March, starting from 1.0575 (closing of the February monthly candle) to 1.0731, which is a historical resistance level (blue dotted line). Upon testing this price, the pair will go to the 50% retracement level at 1.0941 (red dotted line).

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - downtrend

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

Conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (the first week of the month is white) and nosecond lower shadow (the last week is white).

Throughout the month, quotes will rise from 1.0575 (closing of the February monthly candle) to the historical resistance level at 1.0731 (blue dotted line), and then bounce up to the 50% retracement level at 1.0941 (red dotted line).

Alternatively, the pair could climb from 1.0575 (closing of the February monthly candle) to the historical resistance level at 1.0731 (blue dotted line), then head towards the target upper fractal at 1.1033 (yellow dotted line).