FX.co ★ Forecast for EUR/USD on March 1, 2024

EUR/USD:

Yesterday, the euro closed the day below the previously resilient level of 1.0825. It fell by 32 pips. Now the target is 1.0724. However, the rise in the stock market raises concerns – S&P 500 added 0.52% yesterday. Other factors suggest not to rush. If the price returns above 1.0825, the euro may linger within the range of the last four days before it attempts to move down again or develop delayed growth. The Marlin oscillator does not provide any hints on this matter.

On the 4-hour chart, the price has settled below the MACD indicator line, and Marlin is also in the bearish territory. But the price could still return above 1.0825, as it was on the 28th.

Consolidation above this level could encourage the price to attack the MACD line of the daily timeframe at 1.0875. But for now, the situation is bearish. The main scenario suggests that the price will continue to move towards the target level of 1.0724.