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EURUSD → Consolidation for continued growth. What's the target?

2024-03-04 08:49 FOREX forecast

💡 Ideas For EURUSD 🇪🇺🇺🇸

📈 EURUSD → Consolidation for continued growth. What's the target?

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EURUSD is forging consolidation within the ascending channel after the breakout of the local trend. This setup may be aimed at further growth towards range resistance.

snapshot

On D1 we see consolidation forming above the key support at 1.07958. A rather strange paranormal volume was drawn on Thursday, which is difficult to interpret in the current environment. The dollar index also stands still and continues to shrink to the support.

A local channel is forming on H1, another retest of 1.07958 or trend support is possible, after which the currency pair may head towards the targets indicated on the chart. There is no news today, so the trading session on Monday may be calm.

Support levels: 1.07958

Resistance levels: 1.08975, 1.1000

I expect the growth to continue within the emerging setup. A change in the local trend is forming within the global flat. Consolidation may form the potential for the continuation of the formation of a bullish impulse.

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