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R.Linda Trading - forecast

EURUSD → Fundamentally, the dollar is stronger

2024-01-17 08:12 FOREX forecast

💡Ideas For EURUSD 🇪🇺🇺🇸

📈 EURUSD → Fundamentally, the dollar is stronger

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EURUSD is declining and forming an attempt to break trend support. Fundamentally, the DXY is strengthening on the background of the Fed's position, which negatively affects the base currency - EUR

TradingView Chart

On the high timeframe we see that the dollar continues to strengthen after a long consolidation. The Fed is not going to give up and is trying to insure itself before a possible interest rate cut, which may come in spring-summer 2024. This scenario may strengthen the dollar to local highs, which will have a negative impact on the currency pair.

EURUSD broke 1.088 testing the trend support, technically, the breakout has already occurred, the price may take a small correction and retest the support, after which it may head towards the lower boundary of the range - 1.0756. Consolidation of the price below the trend support will confirm the bearish position, which will be a favorable scenario for sellers.

Support levels: 1.078, 1.0756

Resistance levels: 1.0888, 1.10

Fundamentally, the dollar is stronger than the euro, which will obviously have a negative impact on the currency pair. We expect confirmation of the scenario (consolidation below the support) for further opening of sales.

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