Currency pair EUR/USD Euro to US Dollar is trading at 1.0896 and continues to move within the correction and bullish channel. The EUR/USD pair is moving inside the Cloud of the Ichimoku Kinko Hyo indicator. This indicates the presence of a sideways trend in the financial instrument. As part of the forecast for the Euro to US Dollar exchange rate on March 20, 2024. An attempt to develop a correction and a test of the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 1.0910 are expected. Where can we expect an attempt to rebound downwards and continue the fall of the EUR/USD pair with a potential target at the level of 1.0775.
Euro Dollar Forecast EUR/USD for March 20, 2024
An additional signal in favor of a fall in the EUR/USD currency pair on FOREX will be a test of the resistance area on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Earlier, a strong signal was received to sell the Euro/Dollar pair. The signal was formed due to the intersection of signal lines at the level of 1.0915. The nearest resistance area for the Euro/Dollar pair is located at 1.0945. The nearest support area for the EUR/USD pair is located near the 1.0785 area.
Cancellation of the option of falling quotes for the EUR/USD pair on Forex will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with closing quotes above the 1.0985 area. This option will indicate a change in the sideways trend in favor of a bullish trend and continued growth of the Euro against the US Dollar on Forex. Expect an acceleration of the fall of EUR/USD with a breakdown of the support area and closing of the price below the level of 1.0845.
Euro Dollar Forecast EUR/USD for March 20, 2024 suggests an attempt to test the resistance level near the 1.0910 area. Where can we expect the currency pair to continue to fall with a potential target near the level of 1.0775. Cancellation of the option to reduce the pair will be a breakdown of the 1.0985 area. This will indicate continued growth of the Euro against the US Dollar with a potential target above the level of 1.1145.
