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FX.co ★ Indicator analysis: Daily review of EUR/USD on March 6, 2023

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Forex Analysis:::2023-03-06T07:25:10

Indicator analysis: Daily review of EUR/USD on March 6, 2023

Trend analysis (Fig. 1).

The euro-dollar pair may move upward from the level of 1.0634 (closing of Friday's daily candle) to 1.0650, the 23.6% pullback level (red dotted line). When testing this level, continued upward movement is possible with the target of 1.0723, the 38.2% pullback level (red dotted line).

Indicator analysis: Daily review of EUR/USD on March 6, 2023

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 1.0634 (closing of Friday's daily candle) to 1.0650, the 23.6% pullback level (red dotted line). When testing this level, continued upward movement is possible with the target of 1.0723, the 38.2% pullback level (red dotted line).

Alternatively, the price may move upward from the level of 1.0634 (closing of Friday's daily candle) to 1.0650, the 23.6% pullback (red dotted line). When testing this level, the price may move downward to the 1.0592 support level (thick blue line).

Analyst InstaForex
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