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EURUSD → Will the change in trend be confirmed?

2024-01-24 08:37 FOREX forecast

💡 Ideas For EURUSD 🇪🇺🇺🇸

📈 EURUSD → Will the change in trend be confirmed?

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EURUSD is forming an attempt to change the uptrend amid the strengthening of the Dollar Index. The price is testing the resistance at 1.0888 in the correction phase.

snapshot

If we pay attention to the dollar index, we can see that it has been standing still during the week. Most likely, tomorrow's news: Initial Jobless Claims, GDP, CDGO may push the index to start moving. But, in any case, the medium and long term potential is determined by the Fed's decision on the interest rate, which at the moment they do not dare to lower.

The currency pair is breaking the trend support, testing the low and forming a correction. For the market, from a technical point of view, the target of 1.0756 has appeared. The currency pair is likely to test the resistance at 1.0888 - 1.095 before further falling to the range support.

Resistance levels: 1.0888, 1.0950

Support levels: 1.083, 1.0756

Correction after a trend change is a standard formation. The price can test the area in the format of a false breakout and after maintaining the liquidity to direct the price to a new target.

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