Currency pair EUR/USD Euro to US Dollar is trading at 1.0873 and continues to move within the growth and bullish channel. The EUR/USD pair is moving above the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates the presence of a bullish trend in the financial instrument. As part of the forecast for the Euro to US Dollar exchange rate on March 7, 2024. An attempt to develop a correction and test the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 1.0850 are expected. Where can we expect an attempt to rebound upward and continue to grow in the EUR/USD pair with a potential target at 1.0975.
Euro Dollar Forecast EUR/USD for March 7, 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. Previously, a signal of medium strength was received for buying the Euro/Dollar pair. The signal was formed due to the intersection of signal lines at the level of 1.0745. The nearest resistance area for the Euro/Dollar pair is located at 1.0905. The nearest support area for the EUR/USD pair is located near the 1.0815 area.
Cancellation of the option to increase quotes for the EUR/USD pair on Forex will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the 1.0775 area. This option will indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall of the Euro against the US Dollar on Forex. Expect accelerated growth of EUR/USD with a breakdown of the resistance area and closing of the price above the level of 1.0925.
Euro Dollar Forecast EUR/USD for March 7, 2024 suggests an attempt to test the support level near the 1.0850 area. Where can we expect continued growth of the currency pair with a potential target near the level of 1.0975. Cancellation of the option to raise the pair will be a breakdown of the 1.0775 area. This will indicate a continuation of the fall of the Euro against the US Dollar with a potential target below the level of 1.0575.
