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EURUSD → Bullish trend structure breakdown

2024-03-20 08:40 FOREX forecast

💡 Ideas For EURUSD 🇪🇺🇺🇸

📈 EURUSD → Bullish trend structure breakdown

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EURUSD is breaking the structure of the ascending channel and the market is trying to change the trend on the background of the strengthening dollar index. The market is waiting for news from FOMC & FED today

snapshot

Globally, we have a neutral range in the format of a symmetrical triangle, with strong resistance at 1.095 - 1.10 inside, which restrains the price from further growth on the back of a strong dollar. It is obvious that at the moment, technically, the pair is preparing for a decline to 1.0795 - 1.070. Consolidation below 1.08597 will serve as a signal for further decline.

Today at 18:00 FOMC & FED members and head will speak, where inflation and interest rate in the USA will be discussed. The slightest hint of a more hawkish view on the siutation amid high inflation could strengthen the dollar. In such a case the Euro will continue to fall

snapshot

Resistance levels: 1.08697. 1.08975

Support levels: 1.07958,1.0703

The news will determine the medium-term outlook for us. Most likely, the data may be negative for the currency pair, because against the background of high inflation regulators will continue to support the dollar.

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