Currency pair Euro/Dollar EUR/USD continues to move as part of the fall and the downward channel. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the European currency and a potential continuation of the fall in asset quotes already from current levels. At the time of the publication of the forecast, the EUR/USD exchange rate is 1.1090. As part of the Forex forecast for March 4, 2022, we should expect an attempt to develop a rise in prices and a test of the resistance level, which is located on the pair near the area of 1.1185. Further, a rebound down and the continuation of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.0795.
EUR/USD Forecast Euro Dollar March 4, 2022
An additional signal in favor of falling EUR/USD quotes will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the option of falling quotes of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.1305. This will indicate a breakdown of resistance and a continuation of the rise to the area at the level of 1.1545. It is worth waiting for confirmation of the fall in the EUR/USD currency pair with a breakdown of the support level and closing the price below the level of 1.0975, which will indicate a breakdown of the lower border of the downward channel.
Among the important news from Europe and the United States that may have an impact on the EUR/USD pair, it is worth highlighting: Nonfarm payrolls.
EUR/USD Forecast Euro Dollar March 4, 2022 suggests an attempt to continue the development of a bullish correction and test the resistance area near the level of 1.1185. Where should we consider a price rebound down and an attempt to continue the fall of the currency pair in the market to the area below the level of 1.0795. A test of the downtrend line on the Relative Strength Index (RSI) will come out in favor of reducing the instrument in the Forex market. Cancellation of the EUR/USD pair fall option will be a strong growth of quotations and a breakdown of the level of 1.1305. This will indicate a breakdown of the resistance area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
