23.08.202408:15 Forex Analysis & Reviews: Hot forecast for EUR/USD on August 23, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The EUR/USD pair has slightly pulled back after breaking the local peak from December 2023. However, this movement is consistent with the upward trend's cyclical component.

In the 4-hour chart, the RSI technical indicator exited the overbought zone during the price retracement. Given that the indicator continues to move in the 50/70 range, this is a positive sign for further growth.

Regarding the Alligator indicator in the same time frame, the moving average lines point upward, aligning with the trend direction.

Expectations and Prospects

According to the theory of regrouping trading forces during a price retracement, a new round of growth of the volume of long positions on the euro is possible over time. In this scenario, the peak of the upward trend, around 1.1280, will become the target for buyers. As for the alternative scenario, it considers extending the current retracement until the price returns to the level of 1.1000.

The complex indicator analysis suggests a retracement in the short-term and intraday periods. However, the medium-term outlook remains bullish.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.