EUR/USD Daily Chart Analysis For Week of March 8, 2024
Technical Analysis and Outlook:
In this week's trading, the Eurodollar saw a remarkable surge, breaking through our Mean Resistance levels of 1.085 and 1.090. The currency marched forward with significant momentum, leaving behind the previous trading range. However, based on the recent price trend and market analysis, we anticipate the Eurodollar will retrace its steps and move lower toward our projected Mean Support level of 1.087. This could trigger further selling pressure, leading to a decline to the Mean Support level of 1.080. Despite this, there is a possibility of the Eurodollar reaching the Inner Currency Dip of 1.100 before potentially resuming a bearish trend.
In this week's trading, the Eurodollar saw a remarkable surge, breaking through our Mean Resistance levels of 1.085 and 1.090. The currency marched forward with significant momentum, leaving behind the previous trading range. However, based on the recent price trend and market analysis, we anticipate the Eurodollar will retrace its steps and move lower toward our projected Mean Support level of 1.087. This could trigger further selling pressure, leading to a decline to the Mean Support level of 1.080. Despite this, there is a possibility of the Eurodollar reaching the Inner Currency Dip of 1.100 before potentially resuming a bearish trend.
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