empty
 
 
fr
Assistance
Ouverture rapide de compte
Plateforme de trading
Déposer / Retirer

06.03.202309:06 Forex Analysis & Reviews: Technical analysis of EUR/USD for March 6-11, 2023

Trend analysis

EUR/USD is likely to continue its upward movement, rising from 1.0634 (closing of the last weekly candle) to the 61.8% retracement level at 1.0745 (red dotted line). Upon reaching this price, the pair will climb further to the 50.0% retracement level at 1.0784 (red dotted line).

Exchange Rates 06.03.2023 analysis

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 these point 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 1.0634 (closing of the last weekly candle) to the 61.8% retracement level at 1.0745 (red dotted line), and then rise further to the 50.0% retracement level at 1.0784 (red dotted line).

Alternatively, the quote may jump from 1.0634 (closing of the last weekly candle) to the 61.8% retracement level at 1.0745 (red dotted line), and then fall down to the support line at 1.0614 (blue bold line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Stefan Doll,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.