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11.03.202409:01 Forex Analysis & Reviews: Technical analysis of EUR/USD for March 11-16, 2024

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Trend analysis

EUR/USD may continue moving upward this week, rising from 1.0937 (closing price of the last weekly candle) to the 14.6% retracement level of 1.0959 (yellow dashed line). Upon testing this level, the pair will move further up towards the 85.4% retracement level of 1.1074 (red dashed line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - upward

Conclusion: The indicators point to an upward movement in EUR/USD.

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

Therefore, during the week, euro will climb from 1.0937 (closing price of the last weekly candle) to the 14.6% retracement level of 1.0959 (yellow dashed line), followed by a further rise to the 85.4% retracement level of 1.1074 (red dashed line).

Alternatively, it could increase from 1.0937 (closing price of the last weekly candle) to the 14.6% retracement level of 1.0959 (yellow dashed line), and then pull back to the 23.6% retracement level of 1.0976 (yellow dashed line).

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