FX.co ★ Technical analysis of EUR/USD for March 13-18, 2023

Trend analysis

EUR/USD is likely to continue its upward movement this week, rising from 1.0641 (closing of the last weekly candle) to 1.0745, which is the 61.8% retracement level (yellow dashed line). Upon reaching this price, the pair will climb further to 1.0784, which is the 50.0% retracement level (red dashed line).

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 this points 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 1.0641 (closing of the last weekly candle) to the 61.8% retracement level at 1.0745 (yellow dashed line), and then rise further to the 50.0% retracement level at 1.0784 (red dashed line).

Alternatively, the quote may jump from 1.0634 (closing of the last weekly candle) to the 61.8% retracement level at 1.0745 (yellow dashed line), and then fall down to the support line at yellow dashed (blue bold line).