Currency pair Euro/Dollar ends the trading week near the level of 1.0817. The pair continues to trade below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish 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 upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 1.0935. Where can we expect an attempt to rebound the price downwards and continue the fall of the pair with a potential target near the level of 1.0525.
EUR/USD Forecast March 4 — 8, 2024
An additional signal in favor of a fall in the EUR/USD currency pair in the current trading week of March 4 — 8, 2024 will be a rebound from the resistance 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 1.0935. The support area for EUR/USD is located at 1.0685.
Cancellation of the option to reduce the pair’s quotes will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the 1.0985 area. This will indicate a change in the bearish trend in favor of a bullish trend and continued growth of the pair on Forex. Expect confirmation of a fall in EUR/USD quotes with a breakdown of the support area and closing below the level of 1.0655.
EUR/USD Forecast March 4 — 8, 2024 assumes an attempt to develop a correction to the level of 1.0935. Where can we expect a rebound and continued fall of the pair with a potential target near the level of 1.0525. 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 1.0985 area. In this case, we should expect continued growth of the EUR/USD currency pair on Forex with a potential target at 1.1165.
