EUR/USD Forecast Euro Dollar February 28, 2020


Top Forex Brokers

Currency pair Euro/Dollar EUR/USD continues to move in the framework of a strong upward correction and a downward channel. Prices have reached an important area of ​​resistance. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from buyers of the European currency and a potential drop already from current levels. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0967. As part of the Forex forecast, we should expect an attempt to develop a correction and test the resistance level near the area of ​​1.0995. Further, the rebound and continued fall of the Euro/Dollar currency pair. The potential target of this movement is the area below the level of 1.0775.

EUR/USD Forecast Euro Dollar February 28, 2020

An additional signal in favor of falling EUR/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option to reduce the quotes of the Euro/Dollar currency pair will be a strong growth and the breakdown level of 1.1045. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1245. Expect confirmation of a fall in the EUR/USD pair with a breakdown of the lower border of the rising channel and closing below 1.0855.

EUR/USD Forecast Euro Dollar February 28, 2020

Among the important news from Europe and America that may affect the EUR/USD pair, it is worth highlighting: France’s Gross Domestic Product (GDP) q/q.

EUR/USD Forecast Euro Dollar February 28, 2020 suggests the development of a correction and test of the resistance area near the level of 1.0995. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0775. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the option of falling EUR/USD will be a strong growth and the breakdown level of 1.1045. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1245.


Join our Telegram Channel


Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link

Post Comment