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EUR / USD traded downwards in early February, moving around 1.1943 (red dashed line) and 1.1964 (white thick line). However, the price failed to consolidate beyond these levels and resumed moving upwards instead, almost testing 1.2273 (blue dotted line) or the 85.4% retracement level. The monthly candle, meanwhile, closed at 1.2073.
Trend analysis:
The bullish move is expected to continue this March. In fact, the first target may be 1.2349 (red dotted line). If this level is broken, the next target will be 1.2553 (blue dotted line).
Figure 1 (monthly chart):
Indicator analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
Price will most likely climb up, as indicated by the results of the analysis.
To add to that, based on the candlesticks, EUR/USD will continue the upward trend, especially with the absence of the first lower shadow (first week of the month, white) and the presence of the second upper shadow (last week of the month, black).
To put it more precisely, the euro will rise from 1.2073 (closing of monthly candle, February) and head towards 1.2349 (red dotted line). And if this level is broken, the next target will be 1.2553 (blue dotted line).
There is also a low chance that price will fall from 1.2073 (closing of monthly candle, February) and head towards 1.1943 (23.6% retracement level, red dotted line).
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
