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01.03.2024 11:08 AM
Technical analysis of EUR/USD for March 2024

Trend analysis:

EUR/USD may continue to move upward in March, rising from the level of 1.0803 (closing of the February monthly candle) to the 61.8% retracement level of 1.0962 (red dashed line). Following this will be a further increase towards the 76.4% retracement level of 1.1080 (red dashed line).

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Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Conclusion: All signals point to an upward movement in EUR/USD.

Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (first week of the month - white) and a second upper shadow (last week - black).

Therefore, this month, euro will climb from 1.0803 (closing of the February monthly candle) to the 61.8% retracement level of 1.0962 (red dashed line), followed by a further increase towards the 76.4% retracement level of 1.1080 (red dashed line).

Alternatively, euro could increase from 1.0803 (closing of the February monthly candle) to the 14.6% retracement level of 1.1021 (yellow dashed line), and then drop to the 61.8% retracement level of 1.0954 (red dashed line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
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