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05.03.2024 06:44 AM
Forecast for EUR/USD on March 5, 2024

EUR/USD

The euro slowed down; yesterday, the pair could not reach the resistance of the MACD line (1.0877). The signal line of the Marlin oscillator suggests an intention to turn down. The price is neutral and it shows its location between the indicator lines and between the levels of 1.0825 and 1.0877.

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For the medium-term outlook, whether it is rising or falling, it doesn't matter if the euro moves by 130-150 pips in any direction in the current situation. Support at 1.0724 is provided from below, and resistance at 1.1001 is visible from above. For the short-term outlook, the price is within the neutral range of 1.0825/77.

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Now let's turn to the stock market. A divergence is forming on the S&P 500 daily chart. If we can confirm this by the end of the day, we expect the euro to consolidate below the support level of 1.9825, followed by a decline to the target level of 1.0724. If the stock market continues to set new records, then the euro may reach the level of 1.0905 soon.

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If we look at the 4-hour chart, we can see that the euro is getting weaker. Formally, the pair is following an uptrend, but the indicator lines are ready for a bearish reversal. The support level at 1.0825 is important. If the price breaks through this mark, then it could also overcome the MACD line.

Consolidation above 1.0877, that is, above the MACD line on the daily time frame, opens the possibility of reaching the target at 1.0905. We are cautious about taking actions on the euro in case it separates itself from the stock market.

Laurie Bailey,
Analytical expert of InstaForex
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