Currency pair Euro/Dollar EUR/USD continues to move as part of a strong bullish correction and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, 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 Euro against the US Dollar is 1.0685. As part of the Forex forecast for March 3, 2023, we should expect an attempt to develop a price correction and test the resistance level, which is located on the pair near the area of 1.0785. Further, a rebound in prices 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 1.0235.
EUR/USD Forecast March 3, 2023
An additional signal in favor of the growth of EUR/USD quotes tomorrow will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. The second signal in favor of this option 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 1.0965. This will indicate a breakdown of the resistance area and continued growth to the area at the level of 1.1225. It is worth waiting for confirmation of the fall in the EUR/USD currency pair with a breakdown of the support level and closing of the price below the level of 1.0405, which will indicate a breakdown of the lower border of the “Head and Shoulders” reversal pattern and the beginning of the model with targets below.
EUR/USD Forecast March 3, 2023 suggests an attempt to develop a correction in the pair and test the resistance area near the level of 1.0785. 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 1.0235. The test of the trend line on the Relative Strength Index (RSI) will come out in favor of the instrument’s decline in the Forex market. Cancellation of the option of falling the EUR/USD pair will be a strong growth in quotes and a breakdown of the level of 1.0965. This will indicate a breakdown of the resistance area and a continuation of the rise of the currency pair on Forex to the area above the level of 1.1225.
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