FX.co ★ Forecast for EUR/USD on March 4, 2024

EUR/USD

On Friday, against the backdrop of the S&P 500 setting a record high by rising 0.80%, oil prices up by 2.19% (WTI), gold by 2.00%, and a decrease in the yields of 5-year government bonds from 4.25% to 4.16%, we could no longer expect a decline from the euro. The price returned above the level of 1.0825, closing the day above the balance line of the daily timeframe.

The Marlin oscillator turned upwards. However, just ahead is the resistance of the MACD line, around the level of 1.0877, and overcoming this line will make it possible for the price to rise above the nearest target level of 1.0905. Consolidation above this level will open the prospect towards 1.1001 (the January 11 high).

On the 4-hour chart, the price settled above both indicator lines, and the Marlin oscillator settled in the positive territory. We are waiting for the euro to reach the first resistance line at 1.0877. Consolidation above it opens the second target at 1.0905.