Currency pair Euro/Dollar ends the trading week near the level of 1.0892. The pair continues to trade inside the Ichimoku Kinko Hyo Cloud. This indicates a sideways trend for the Euro/Dollar pair. As part of the Forex forecast for the Euro Dollar for the current trading week. A correction is expected to develop and a test of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 1.0865. Where can we expect an attempt to rebound the price upward and continue to grow the pair with a potential target near the level of 1.1175.
EUR/USD Forecast March 18 — 22, 2024
An additional signal in favor of the growth of the EUR/USD currency pair in the current trading week of March 18 — 22, 2024 will be a rebound from the support level on the pair’s price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a weak signal was received to buy the Euro/Dollar pair. The signal was formed due to the intersection of signal lines at the level of 1.0785. The nearest resistance area for the Euro/Dollar pair is located at 1.1155. The support area for EUR/USD is located at 1.0765.
Cancellation of the option to increase the pair’s quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 1.0745. This will indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall of the pair on Forex. Expect confirmation of growth in EUR/USD quotes with a breakdown of the resistance area and closing above the level of 1.1025.
EUR/USD Forecast March 18 — 22, 2024 assumes an attempt to develop a correction to the level of 1.0865. Where can we expect a rebound and continued fall of the pair with a potential target near the level of 1.1175. A rebound from the upper border of the bearish channel will favor the decline. Cancellation of the option for the currency pair to fall in the next trading week will be a breakdown of the 1.0745 area. In this case, we should expect continued growth of the EUR/USD currency pair on Forex with a potential target at 1.0565.
