Thursday, November 30, 2023
  • Home
  • About Us
  • Advertise
  • Contact Us
  • Login
  • Register
MYFOREX Analyst
No Result
View All Result
Forex Training
Open Account
  • Global Financial News
  • Analyst Guide
    • FX Analyst pieces
    • Scrum session
    • Market Analysis
  • Indicators
    • Trends
    • Oscillator
  • Education Materials
    • PDF
    • Videos
  • Expert Advisors
  • Get Trade Signal
  • Global Financial News
  • Analyst Guide
    • FX Analyst pieces
    • Scrum session
    • Market Analysis
  • Indicators
    • Trends
    • Oscillator
  • Education Materials
    • PDF
    • Videos
  • Expert Advisors
  • Get Trade Signal
MYFOREX Analyst
Home Global Financial News

Euro Q2 Technical Forecast: EUR/USD Presents Attractive Price Action for

fxanalyst by fxanalyst
May 8, 2023
in Global Financial News
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

EUR/USD Technical Forecast: Unattractive Price Action for Now

The euro pushed higher against the U.S. dollar during the first quarter of 2023 and briefly reached its best level since April 2022 in early February. When risk-off mood erupted in global markets, sellers returned, preventing EUR/USD from clearing the 1.1035 area, a major technical ceiling defined by the 50% Fibonacci retracement of the 2018/2022 decline.

EUR/USD has lacked strong bullish conviction but has retained a modest positive bias since late 2022 after overcoming its 200-day simple and breaking above long-term trendline resistance. Its slow upward trek, however, has not been impressive, with the exchange rate constantly ebbing and flowing to the beat of changes in sentiment.

Breakout Opportunities May Soon Emerge

There is no reason to believe that conditions will change significantly heading into the second quarter, as recent price action offers no signs of a meaningful and solid trend emerging just yet. Having said that, a snail’s pace ascent appears to be the baseline scenario for the euro, at least for now.

EUR/USD’s volatility deficiency could nudge traders looking for compelling trends and more attractive configurations to turn their attention to other forex pairs, but interesting breakout opportunities could still arise should key technical levels become tested and then invalidated in clean and decisive moves.

This article focuses on EUR/USD’s technical outlook. If you would like to learn about the euro’s fundamental prospects, download DailyFX’s complete quarterly guide by clicking the link below. It’s free!

Recommended by Diego Colman

Get Your Free EUR Forecast

Key Technical Setups to Watch

Focusing on bullish setups, traders should keep an eye on the descending trendline extended off the May 2021 high (purple line). If prices pierce this dynamic resistance on the topside (1.0920), bulls could launch an assault on the 2023 swing high. On further strength, attention shifts to the 1.1200 handle, followed by 1.1392, the 61.8% Fib retracement of the move discussed previously.

For bearish configurations triggered on a breakdown, traders could focus on support near 1.0630. If this zone is breached, EUR/USD could slide towards 1.0515 in short order. This looks like a very weak floor, so it could eventually cave in, setting the stage for a drop towards the 200-day simple moving average nestled around the 1.0350 mark.

EUR/USD Weekly Chart

Chart, histogram  Description automatically generated

Source: TradingView, prepared by Diego Colman

of clients are net long. of clients are net short.

Change in Longs Shorts OI
Daily-10%-8%-8%
Weekly0%0%0%
Previous Post

Australian Dollar Outlook: Inflation to Drive Rates Path

Next Post

S&P 500, Nasdaq Weekly Outlook: Banking Sector Stress Takes Center

Related Posts

#POLYGON #MATIC Long-Term targets, until end of 2025 for CRYPTO:MATICUSD

November 30, 2023

Australia CPI inflation eases more than expected in Oct, but

November 30, 2023

Japanese Inflation (MoM) Accelerates to 10-Year High, USD/JPY Holds Firm

November 30, 2023

Australia Oct inflation slows more than expected as goods prices

November 30, 2023

Nvidia Pulls Back After Earnings for NASDAQ:NVDA by TradeStation

November 30, 2023

OPEC+ talks focusing on deeper oil cut, sources say By

November 30, 2023
Next Post

S&P 500, Nasdaq Weekly Outlook: Banking Sector Stress Takes Center

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Economic News

  • Market News
  • Nigerian Financial News
  • Socio economical
  • Technological News
  • Political

Educational Materials

  • Videos
  • PDF
  • Analysis
  • Review sessions

Analyst Guide

  • Expert Advisors
  • FX Analyst pieces
  • Swing Trading sessions
  • Scrum session

Quick Link

  • Expert Advisors
  • Market Analysis
  • About us
  • Advertise with us
  • Contact us
Open Trading Account

© 2022 Myfxanalyst.com by MA Digitals.

Risk Warning

The information and materials submitted by myfxanalyst.com are exclusively for informative/educational purposes, and may not be considered recommendations for buying, selling or keeping financial instruments. Financial Instruments are leveraged instruments that carry a high degree of risk

No Result
View All Result
  • Login
  • Sign Up
  • Home
  • Global Financial News
  • Economic News
  • Analyst Guide/Insights
    • FX Analyst pieces
    • Scrum session
    • Swing Trading sessions
    • Market Analysis
  • Indicators
    • Trends
    • Oscillator
    • Combination of Templates
  • Education Materials
    • PDF
    • Videos
  • Expert Advisors
  • Get Trade Signal
  • Explore
    • About Us
    • Advertise
    • Contact Us
Forex Training

© 2022 Myfxanalyst.com Design by MA Digitals

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In