Euro Dollar exchange rate forecasts tomorrow technical analysis signals 2024

Euro Dollar exchange rate forecasts

Euro Dollar exchange rate forecasts chart

Eur/Usd forecasts with technical analysis, weekly and quarterly Forex signals using WD Gann trading cycles.

Weekly Euro Dollar chart with technical trend picture

Euro Dollar exchange rate forecast today

Following the corrective movement in the period between 21 July 2023 and 06 October 2023, the dynamics of the Euro Dollar were sideways, with slightly positive periods alternating with negative ones.

The positive movement triggered following the weekly set-ups on 13 October and 27 October last year generated good weekly returns, performing an uptrend well above its historical average.

However, at the crossing of the 1X8 and 1X4 angular resistances, visible in the chart with blue and purple half lines, at 1.1190, the Euro lost its progressive strength and started a new negative sideways movement.

Since the week of 05 January 2024, the European currency reached a low at 1.0599 in the week of 19 April 2024, following two separate movements.

As can be seen from the technical chart, two important ascending 1X3 and 1X8 angular supports, in green and blue, passed through the minimum of 19 April, which blocked the single currency’s short-term negativity.

Following the weekly set-up on 26 April 2024, the weekly trend of the Euro Dollar cross resumed.

From 1.0599 quotations reached a top at 1.1201 in the week of 30 August on the 1X8 angular resistance drawn in blue on the chart.

The week of 30 August coincided with an important Square Minimum and to date that top has not yet been broken, although in the week of 27 September the Euro Dollar market did reach a few decimals higher.

These days the trend is showing negative sideways and the next signal we will have in the week of 25 October, to understand if this negativity will be accentuated.

It should be kept in mind that the weekly set up of 27 September on the Dollar Index is positive and, on the other hand, the negativity on the Euro can be maintained until the next set up mentioned on the 25th of this month.

The supports are in the 1.0860 area; 1.08.

Only for quotations higher than 1.1240 will the short-term dynamic reverse into positive: resistances are in the 1.1117 area.

Euro Dollar Medium-term Trend

In the medium-term trend, the sideways present in the Euro Dollar market can be observed most easily.

The 1X4 descending angle radiating from the top of January 2021 and visible in purple, blocked the positive acceleration in July 2023 at 1.1275.

It can be seen that this resistance effectively blocked the various subsequent attempts at positive acceleration between December 2023 and July 2024.

In the last monthly set-up in August, the European currency broke this dynamic obstacle to the upside, but the positivity was blocked at the next obstacle represented by the 1X8 corner radiating in blue in the 1.12 area.

The trend remains positive until 1.0745 is reached.

At that level the trend reverses into the negative.

Supports in the 1.08 area; 1.0685. Resistance in the 1.1470 area.

Long term technical analysis Eur/Usd

The Quarterly Set Up due in September 2024 indicated the willingness of the long-term trend to reach new price/time targets in a positive direction.

However, the quarterly Maximum Square Time Signal, expiring in the last quarter of 2024, will have to confirm whether this positivity will have its own robustness or whether last quarter’s positive breach is just a technical move.

The next resistances are in the 1.15 area. However, for prices below 1.0670 the trend will change to corrective:

supports in the 1.0680 area; 1.04.

The article on the Euro Dollar market forecast has been exposed through the use of the WD Gann technique and with the use of the Top Trader(c) stock exchange software.