28.08.202408:12 Forex Analysis & Reviews: Hot forecast for EUR/USD on August 28, 2024

Relevance up to 01:00 2024-08-29 UTC--4

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The EUR/USD pair is currently in a pullback phase from the local high of the medium-term trend, around the 1.1200/1.1250 range. There have been no radical changes, and sellers showed low activity on August 26 and 27.

In the 4-hour chart, the RSI technical indicator moves within the buyers' zone of 50/70, indicating a sustained bullish sentiment.

Expectations and Prospects

Stabilizing the quote above 1.1250 is necessary for a subsequent wave of growth in the euro's exchange rate. The medium-term trend will be extended to new price levels in this scenario. However, the quote is still moving in a pullback phase, which aligns with the cyclical nature of market trends. Thus, there is still a possibility of some further decline in the euro's exchange rate.

The complex indicator analysis suggests a corrective price move in the short-term and intraday periods. Indicators point to an upward trend in the medium term.

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