The currency pair EUR/USD completes the trading week near the area of 1.0609 and continues to move within the correction and the downward channel. Moving averages indicate the presence of a sideways trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the European currency and a likely continuation of the fall from current levels. At the moment, we should expect an attempt to develop a bullish correction of quotes and a test of the resistance area near the level of 1.0745. Where is the expected rebound down and the continuation of the fall of the Euro Dollar. The potential target of the decline is the area below the level of 0.9625.
EUR/USD Forecast Weekly Forecast March 6 — 10, 2023
An additional signal in favor of a decrease in the EUR/USD currency pair on Forex will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week March 6 — 10, 2023 will be a strong growth and a breakdown of the level of 1.1235. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1675. With the breakdown of the support area and the closing of quotes below the level of 1.0235, which will indicate a breakdown of the lower boundary of the next bullish correction channel and the beginning of the “Head and Shoulders” model with targets below.
Among the important news from America and Europe in the next trading week, which may have an impact on the EUR/USD rate, it is worth highlighting: European Union Retail Sales m/m, European Union Employment Change q/q, Statement by Federal Reserve System (Fed) Chair Powell Testimony, United States Nonfarm Payrolls.
EUR/USD Forecast Weekly Forecast March 6 — 10, 2023 suggests an attempt to develop a correction and test the resistance area near the level of 1.0745. Where should we expect the pair to continue falling in the Forex market to the area below the level of 0.9625. An additional signal in favor of the decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option for the Euro/Dollar will be a strong growth and a breakdown of the level of 1.1235. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.1675.
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