Euro dollar trend 2024 exchange rate forecast and Forex signals

Forex Eur/Usd signals today
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Euro Dollar 2024 trend forecast and analysis

Euro dollar trend forecasts technical analysis with Forex signals using WD Gann time cycles.

Weekly Historical Euro Dollar Chart

Euro Dollar 2024 Forex Forecast
Euro Dollar Weekly 06.02.24

Euro dollar trend today: weekly trend

Since the October 13, 2023 Weekly Set Up, the Euro Dollar market has gradually begun to enter a new bullish phase.

Subsequent time cycles that expired on November 3 contributed to the positive acceleration of the single currency, which generated two distinct movements.

At first, quotations reached the descending 1X2 angular resistance and octave static resistances in the 1.10 area.

After the negative retracement lasted just two weeks, the European currency during the Minimum Square expired on December 22 and managed to break out of the previous resistances to reach the subsequent 1X4 angles.

In the last week of December 2023 the Eur/Usd market executed a top at 1.1139 on the descending 1X4 dynamic resistance plotted in purple on the picture above.

In subsequent Forex signals of January 19-26, 2024, the single currency confirms a new phase of weakness yes that is procrastinating so far.

The next expiring signals coincide with the period February 16 and 26, 2023.

The Eur/Usd market during this week of Feb. 09 broke down the low of the previous candle, which coincided with a Square Minimum, indicating further negativity in the short term.

Next supports for the descending continuation are in the area of 1.0680; 1.0590.

while only for prices above 1.0930 will the European currency reestablish a new positive lateral phase with first resistances in the area of 1.0910; 1.0990.

Medium-term Eur/Usd forecasts

Forecasts Eur/Usd 2024 technical analysis today
Euro Dollar Monthly 06.02.24

As is clearly visible on the picture just above, the Zero 1X2 corner plotted in yellow has twice repelled the Euro’s corrective action.

Both in September 2022, with the low at 0.9534, and in October 2023 with the low at 1.0447.

In the first case, the negative dynamics of the European currency had been ongoing for a full 16 months and upon reaching dynamic support, together with the November 2022 Monthly Set Up, generated a strong pull-back.

The bullish action reached a top at 1.1275 in July 2023 coinciding with the 1X4 descending angular resistances plotted in purple in the picture above.

In the second bullish move that started in October 2023, the recovery phase was short-lived as descending 1X4 angular resistances repelled the propulsive force last December in the 1.1140 area.

The previous signal was just in December 2023, but in February 2024 the new Monthly Set Up expires.

A return below 1.0690 will indicate the start of corrective action in the medium term as well.

Next supports 1.0720; 1.06; 1.0490.

Only the return above the level of 1.1170 will confirm the upward action indicated by the last December Set Up.

Resistance in the 1.0970 area.

Forex forecasts Euro dollar quarterly

Euro dollar technical analysis Forex forecasts today
Euro Dollar Quarterly 06.02.24

With the expiration of the Maximum Square in the third quarter of 2023, the Euro Dollar market, reaching 1X4 descending angular resistances, realized a bearish out-side.

The driving force generated by the previous Set Up querterly in December-March was exhausted upon reaching the descending dynamic resistances in the 1.1275 area, which had already blocked the pull-back attempt in Q1 2021.

Next supports in the 1.0470 area; 1.0280.

The article on the dynamics of the Euro Dollar in the various time scales was described by means of the WD Gann technique and with the help of Top Trader(c) stock market software.

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