28.02.202212:53 Forex Analysis & Reviews: Technical analysis of EUR/USD for February 28 to March 5

Trend analysis

The market, which opened with a gap down to 1.1125 on Monday, may attempt to test the historical resistance level of 1.1305 (blue dotted line). Then, it will move to the historical resistance level of 1.1387 (blue dotted line), before moving up to the upper fractal at 1.1494 (weekly candle from 02/06/2022).

Fig. 1 (daily 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 an upward trend with no lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).

During the week, the pair will climb from 1.1125 to the historical resistance level of 1.1305 (blue dotted line), then move to the historical resistance level of 1.1387 (dashed blue line). Following that will be a rise to 1.1494, which is the upper fractal (weekly candle from 02/06/2022).

Alternatively, the pair could rally from 1.1125 to historical resistance level of 1.1174 (blue dotted line), then go down to 1.1101, which is the support line (thick yellow line). If this line is tested, the price may bounce back to 1.1288, which is the 14.6% retracement level (dashed blue line).