euro dollar monthly

Euro dollar exchange rate forecast 2024

Euro Dollar exchange rate forecast trend and analysis with Forex signals using the technique of American economist WD Gann.

Eur/Usd history chart with weekly technical picture

Euro dollar exchange rate forecast today and weekly signals

With the expiration of weekly set ups on October 13 and 27, 2023, the Euro Dollar market restarted a new bullish phase.

Despite numerous descending angular resistances, the European currency reached in the week of Dec. 29 to 1.1140.

Since the negation of the weekly signal of Dec. 22, 2023, generated in the week of Jan. 05, 2024, the Euro reversed the positive dynamics generating a new corrective trend.

In fact in the subsequent Set Up weekly of 19.01.2024 the single currency accelerated the downward movement, reaching the ascending 1X2 dynamic and static supports at 1.0693.

Since the expiration of the Maximum Square of March 01, 2024, we can observe a partial recovery of the euro:

the next resistances are in the area of 1.0940; 1.1010.

However, crucial for this month of March is to understand the behavior of the dynamics in the week of March 22, 2024, a new trading signal for the Euro, where the expirations of two time cycles converge.

In fact, a negative breach of the previous weekly low during the Set Up would produce the emergence of a new downtrend action, especially if quotes were to reach 1.0805.

The first supports will be traceable in the area of 1.0850; 1.08; 1.0740.

Otherwise, a possible positive breach of the top of the weekly Set Up candle will confirm the recovery action of the European currency: first resistances 1.1030; 1.11

Eur/Usd trend and medium-term trading signals

Since April 2023, the medium-term dynamics of the Euro Dollar has been in a sideways phase.

Looking at the closes, the price range alternates between 1.0575 and 1.1020.

We have seen has attempts at a positive acceleration as in July 2023, when the Euro reached a top at 1.1275.

However, both the 1X4 descending angular resistances and the time cycle coinciding with July 2023 negated the ongoing bullish acceleration.

Similarly, the Euro reached a low at 1.0486, but the negative action developed in September 2023 was rejected by ascending 1X2 and Zero 1X2 angular supports.

In fact, the Euro during the November 2023 set up restarted a new positive course that was halted at the angular resistances at 1.1139 in December 2023.

The next medium-term signal will expire between March-April 2024.

A return below 1.0660 will indicate a resumption of the downward phase, which will have 1.0520-1.0460 as its first supports.

The next resistances will be in the area of 1.11 and 1.1570.

Quarterly Euro Dollar Technical Analysis

The Euro Dollar correction initiated during the third quarter of 2021 continued until it reached 1X16 angular supports at 0.9534 in the third quarter of 2022.

From the 1X16 dynamic support visible in blue color, a pull-back was initiated that brought the single currency back to retest the descending 1X4 angular resistances visible in purple color in the picture.

Since the top at 1.1275 reached in Q3 2023, the Euro’s values have remained below these resistances, with the swing chart negative.

A return below 1.04 would confirm this beginning of weakness: supports in the 1.00 area.

Resistance in the 1.1430 area.

The Euro Dollar forecast report was described by means of the technique of American economist WD Gann using Top Trader(c) stock market software.