EURUSD : What to expect for 2024?
- The market has been trading within a lateral channel since the end of 2022, the long-term trend is therefore neutral.
- Since the start of Q4 2023, prices have registered a rebound above the lower bound of their trading range, at 1.0440. This move, led by the weakness of the US Dollar due to the expected change in monetary policy in the United States, led the market to an impact below the first available resistance at 1.1000.
The two exponential moving averages at 34 and 55 periods are still bullish, acting as support for the market, while the RSI indicator demonstrates a certain robustness by still evolving in the buy zone after a rebound from its 50%.
- Despite long-term consolidation, the technical configuration of the market demonstrates a certain appetite for the single currency. For the moment, the preferred scenario would be that of crossing the resistance at 1.1000 which could drive prices higher towards 1.1275 (61.8% Fibonacci). A break of this level should bring much more directionality to this pair, and pave the way for a continuation rally started at the end of 2022, towards 1.1750, 1.2000 and 1.2350 by extension.
- Since the start of Q4 2023, prices have registered a rebound above the lower bound of their trading range, at 1.0440. This move, led by the weakness of the US Dollar due to the expected change in monetary policy in the United States, led the market to an impact below the first available resistance at 1.1000.
The two exponential moving averages at 34 and 55 periods are still bullish, acting as support for the market, while the RSI indicator demonstrates a certain robustness by still evolving in the buy zone after a rebound from its 50%.
- Despite long-term consolidation, the technical configuration of the market demonstrates a certain appetite for the single currency. For the moment, the preferred scenario would be that of crossing the resistance at 1.1000 which could drive prices higher towards 1.1275 (61.8% Fibonacci). A break of this level should bring much more directionality to this pair, and pave the way for a continuation rally started at the end of 2022, towards 1.1750, 1.2000 and 1.2350 by extension.
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