FX.co ★ Technical analysis for EUR/USD currency pair for March 2020

Trend analysis

In March, the price is likely to rise to the support level of 1.1075 (the red bold line). If the price breaks through this upper line, the next possible target for the currency pair will be 1.1197 which is the pullback level of 23.6% (the red dash line). The pair is likely to test the target of 1.0901, the pullback level of 76.4% (the blue dash line), if the price does not break through the support line.

Fig.1. Monthly chart

Indicator analysis:

- indicator analysis – up

- Fibonacci level – up

- volumes– up

- candlestick analysis – neutral

- trend analysis – down

- Bollinger Bands – down

Comprehensive analysis conclusion - the upward trend is expected

The general total of the EUR/USD pair candlestick calculation based on the monthly chart: the uptrend with the absence of the first lower shadow (the first week of the month is white) of the monthly white candlestick and the second upper shadow (the last week is white) is expected.

The uptrend scenario: the price is likely to rise from the resistance line of 1.1075 (the red bold line) to the upper target of 1.1196, the pullback level of 23.6% (the red dash line). The pair is expected to reach 1.1456, the pullback level of 38.2% (the red dash line), if the price breaks through this level.

The downtrend scenario: the pair is likely to rebound from the level of 1.0901, the pullback level of 76.4% (the blue dash line), from the resistance line of 1.1075 (the red bold line).