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18.03.202410:06 Forex Analysis & Reviews: Technical analysis of EUR/USD for March 18-23, 2024

Trend analysis

EUR/USD may continue moving upward this week, rising from 1.0887 (closing price of the last weekly candle) to the 61.8% retracement level of 1.0969 (red dashed line). Upon testing this level, the pair will move further up towards the 76.4% retracement level of 1.1034 (red dashed line).

Exchange Rates 18.03.2024 analysis

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 1.0887 (closing price of the last weekly candle) to the 61.8% retracement level of 1.0969 (red dashed line), followed by a further rise to the 76.4% retracement level of 1.1034 (red dashed line).

Alternatively, it could increase from 1.0887 (closing price of the last weekly candle) to the 61.8% retracement level of 1.0969 (red dashed line), and then retreat downwards.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Stefan Doll,
Analytical expert of InstaSpot
© 2007-2024
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