Euro Dollar investing today

Euro Dollar exchange rate forecasts and trading signals

Euro-Dollar exchange rate forecasts short- and long-term technical framework using WD Gann Forex cycles.

Eur/Usd chart with weekly study

Euro Dollar exchange rate forecast today

After a strong corrective movement in the period between 21 July and 29 September 2023, the dynamics of the Euro Dollar triggered a new phase, alternating between periods of positive laterality and negative laterality.

The two Forex signals, indicated in past reports coinciding in the weeks of 13 October and 27 October 2023, triggered a new propulsive force that pushed the Euro’s quotations from a low at 1.0447 to a relative top at 1.1017.

In the week of 01 December 2023, the European currency quotations, reaching the 1X4 descending angular resistances (drawn in purple in the picture above), and static resistances, underwent a correction :

from the top at 1.1017, the Euro reached the ascending 1X2 angular support radiated in yellow at 1.0722.

With the expiry of the Minimum Square in the week of 15 December, the European currency resumed its upward trend again, reaching a top in the week of 29 December at 1.1139.

The double descending angular resistances 1X4 and 1X8 plotted in purple and blue halted the upward movement to generate the conditions for a new corrective action.

In fact, the Set Up weekly of 05 January 2024 determined an important discontinuity to the positive performance of the previous weeks and created with the expiry of successive time cycles two important corrective movements.

The last downward movement ended near the static and angular support at 1.0599 in the week of 19 April 2024.

The bullish break in the week of 26 April of the previous weekly top, which coincided with a Square of Maximum, laid the foundation for the emergence of a new ascending dynamic.

The last trading signal expired in the week of 03 May 2024.

During this signal the Euro confirmed the short-term positivity.

Next targets area 1.0860-80, and thereafter 1.0940-80.

Only a return below 1.0590 will lead to new weakness in the single currency.

Supports 1.0630.

Forecasts Eur/Usd medium-term

The Euro Dollar’s medium-term trend is developing a sideways phase that is more evident than the weekly dynamic.

As we can see from the image just above, the 1X4 descending angular vectors plotted in purple have resulted in strong resistance to all bullish Euro breakout attempts.

Particularly during the monthly set ups in July 2023, December 2023 and the last Maximum Square in March 2024.

The bearish break of the March low at 1.0730 in April confirmed the Euro’s negative medium-term sideways trend.

In May, which coincides with a new Maximum Square, we could observe the persistence of the laterality with a return of the quotations in the 1.0870; 1.0990 area.

The return below the level of 1.0570 will confirm the weakness of the European currency: first supports in the 1.0540 area.

Long-term Euro-Dollar trend

The long-term trend remains negative although there were attempts at laterality between the last quarter of 2023 and the first quarter of 2024.

Resistances are visible on the slide from the descending 1X4 angles in purple.

The price-time ratio of these dynamic obstacles is in the area 1.1050; 1.11.

The breach of 1.04 will indicate a higher correlation of long-term negative returns.

The Eur/Usd market forecast was described using the WD Gann technique and with the help of the Top Trader(c) stock market software.