euro dollar forex signals 2024

euro dollar monthly 15.01.24

Euro Dollar exchange rate forecasts for February 2024

Euro Dollar exchange rate forecasts for the short and medium term, along with operational Forex signals using WD Gann’s trading technique

Euro Dollar chart and short-term technical analysis

Euro Dollar exchange rate weekly forecasts

The time signals indicated in the previous articles for the weeks of October 13-20 had suggested a significant shift in the dynamics of the Euro Dollar trend.

During that period, quotes were in the area of ascending 1X2 angular supports, visible in the slide with ascending yellow vectors.

The quotes were also beginning to violate the values of the previous weekly highs.

Indeed, shortly after, we witnessed a positive acceleration, initially on the descending angular resistances in early December.

The Euro values around 1.10 experienced a slowdown with a retracement to the previous 1X2 angular supports in the 1.07 area (yellow vectors).

The second acceleration following the Set Up Weekly of December 15-22 brought the quotes of the single currency to touch the descending 1X4 angle visible in purple in conjunction with an octave static support.

The European currency reached a peak at 1.1139 and began to retrace in early January.

The first weekly Set Up of January 2024 expired precisely in the week of the 5th.

The correction reached the 1X2 angular supports at 1.0875.

The next signal coincides with the week of January 19, 2024.

The short-term weakness of the single currency is continuing, and the next dynamic and static supports are in the 1.08 and 1.0760-30 areas.

Resistance is located around 1.0940.

It will be crucial to observe the trend in the week of January 26.

Indeed, a further deepening of the corrective dynamics would change the outlook of the descending movement, which will not only be technical but structural.

Monthly performance of Euro Dollar

The bullish trend that began in September 2022 concluded in July 2023, reaching the descending 1X4 angular resistances in purple at 1.1275.

The denial of the monthly Set Up in July, which occurred last August, initiated a corrective trend that exhausted itself by reaching the ascending 1X2 angular support, the Zero angle, and the octave static support at 1.0447.

The bullish recovery was supported by the positive break during the monthly Set Up months of November and December 2023.

Currently, the dynamic descending resistances, which had already hindered the trend in July 2023, have temporarily halted the propulsive force around 1.1140.

Supports for the descent of quotes are located in the 1.0770-1.0720 area.

The violation of the level of 1.0690 will be the first significant signal of a trend reversal, which will be confirmed only by the negative breach of 1.0490.

Additional supports for the descent are in the 1.0470 area, while resistances are still located in the 1.10; 1.1160 area

Long-term technical analysis and forecasts for EUR/USD

The start of the bullish phase in the fourth quarter of 2022 pushed the Euro Dollar quotes to the descending dynamic resistances 1X4, visible in purple, at 1.1275 in the third quarter of 2023.

In September 2023, we witnessed the formation of a bearish outside bar, bringing the long-term trend to a new negative trend.

During the expired time cycle in the fourth quarter of 2023, the European currency initially broke below the previous quarterly low, only to close very positively at 1.1036.

Therefore, it will be crucial to monitor the level of 1.1170.

The trend is currently negative, but reaching 1.1170 would allow for a stronger correlation of positive returns and the achievement of new price/time targets in the 1.13-1.16 range.

The report on the Euro Dollar trend forecast was written based on WD Gann’s technique and using the Top Trader(c) software.