EUR/USD Euro Dollar forecast for March, 29 - April 2, 2021
The Euro Dollar EUR/USD currency pair ends the trading week near the 1.1931 area. The pair continues to move within the fall and left the limits of the ascending channel. Moving averages indicate the presence of a bullish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the European currency and the likely continuation of growth from the current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance area near the level of 1.1985. Where is the expected rebound and the continuation of the fall of the Euro Dollar. The potential target of the decline is the area below the level of 1.1345.
An additional signal in favor of the fall of the EUR/USD currency pair on Forex will be a test of the broken trend line on the relative strength indicator. The second signal will be a rebound from the lower border of the ascending channel. The cancellation of the option of reducing the quotes of the Euro-Dollar pair in the current trading week of March 29 — April 2, 2021, will be a strong growth and a breakdown of the level of 1.2275. This will indicate the breakdown of the resistance area and the continuation of the pair's growth in the area above the level of 1.2685. With the breakdown of the support area and the closing of quotes below the level of 1.1675.
Among the important news from America and Europe in the next trading week that may affect the EUR/USD rate, it is worth highlighting: The US Consumer Confidence Index from The Conference Board (The Conference Board United States Consumer Confidence Index), Pending sales in the US real estate market m/m (United States Pending Home Sales m/m), the change in US crude oil inventories from the EIA (EIA United States Crude Oil Stocks Change), the US Purchasing Managers ' Index in the manufacturing sector from ISM (ISM United States Manufacturing Purchasing Managers Index (PMI)), Change in the number of people employed in the non-agricultural sector of the United States (United States Nonfarm Payrolls).
Thus, the EUR/USD forecast for March 29 — April 2, 2021 suggests an attempt to correct and test the resistance area near the level of 1.1985. Where should we expect the pair to continue falling to the area below the level of 1.1345? An additional signal in favor of a decline will be a test of the resistance line on the relative strength indicator. The cancellation of the Euro-Dollar fall option will be a strong growth and a breakdown of the level of 1.2275. In this case, we should expect the pair to continue to rise with a potential target at 1.2685.