Currency pair EUR/USD Euro to US Dollar is trading at 1.0866 and continues to move as part of a strong correction and a downward channel. The EUR/USD pair is moving above the upper border 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 against the US Dollar on September 1, 2023. An attempt is expected to develop a correction and test the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 1.0825. Where should we expect an attempt to bounce up and continue the growth of the EUR/USD pair with a potential target at the level of 1.1075.
Euro Dollar Forecast EUR/USD for September 1, 2023
An additional signal in favor of the growth of the EUR/USD currency pair on FOREX will be a test of the support area on the price chart. The second signal will be a rebound from the upper border of the bearish channel. Earlier, a weak signal was received for buying the Euro/Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 1.0825. The nearest resistance area for the Euro/Dollar pair is at 1.0945. The nearest support area for the EUR/USD pair is located near the 1.0820 area.
Cancellation of the option to raise the quotes of the EUR/USD pair on Forex will be a breakdown of the lower border of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 1.0790. This option will indicate a change in the bullish trend in favor of the bearish trend and the continued fall of the Euro against the US Dollar on Forex. It is worth expecting an acceleration in the growth of EUR/USD with a breakdown of the resistance area and closing of the price under the level of 1.0965, which will indicate a breakdown of the upper border of the downward channel.
Euro Dollar Forecast EUR/USD for September 1, 2023 suggests an attempt to test the support level near the area of 1.0825. Where should we expect the currency pair to continue to grow with a potential target near the level of 1.1075. Cancellation of the option of lifting the pair will be a breakdown of the area of 1.0790. This will indicate a continued fall in the Euro against the US Dollar with a potential target below 1.0620.
