Indicator analysis. Daily review of the EUR/USD currency pair for March 8, 2021

Last Friday, the pair went down and reached a cloud consisting of the support level of 1.1904 (blue bold line) and the lower border of the Bollinger line indicator 1.1920 (black dotted line). The market closed the daily candlestick at 1.1914. Today, the price may start moving up. As per the economic calendar, news is not expected today.

Trend analysis (Fig. 1).

Today, from the level of 1.1914 (closing of Friday's daily candlestick), the market will move downward and may test the 61.8% retracement level, which is 1.1887 (red dotted line). If this level is tested, the price may start moving up with the target of 1.1954 - the historical resistance level (blue dotted line).

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Fig. 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis – down;
  • Fibonacci levels – down;
  • Volumes – down;
  • Candlestick analysis – up;
  • Trend analysis – up;
  • Bollinger bands – down;
  • Weekly chart – up.

General conclusion:

Today, from the level of 1.1914 (closing of last Friday's daily candlestick), the price will move downward and may test the 61.8% retracement level, which is 1.1887 (red dotted line). If this level is tested, the price may start moving up with the target of 1.1954 - the historical resistance level (blue dotted line).

Unlikely scenario: from the level of 1.1914 (closing of last Friday's daily candlestick), the price may continue moving downward to the historical support level of 1.1811 (blue dotted line). In the case of testing this level, it is likely to move up.

The material has been provided by InstaForex Company - www.instaforex.com

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