29.08.202408:09 Forex Analysis & Reviews: Hot forecast for EUR/USD on August 29, 2024

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The EUR/USD pair is moving in a corrective phase from the resistance area of 1.1200/1.1250. No radical changes are observed; this movement fits within the cyclical component of the uptrend.

In the 4-hour chart, the RSI technical indicator moves within the sellers' zone of 30/50, indicating a corrective move.

Expectations and Prospects

If we consider the subsequent development of the correction, movement to the 1.1000 level is possible. However, despite such a significant price change, there will be no radical changes; the upward trend will persist. The growth scenario will remain relevant if the price reaches the 1.1000 level or the correction relative to the current values is completed, and the quote settles above 1.1250.

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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