empty
 
 
23.04.2024 09:02 AM
Hot forecast for EUR//USD on April 23, 2024

The EUR/USD pair is moving around the base of the downward cycle, where a sideways range has formed. The support level is at 1.0600, while the peak of this sideways range may reach the value of 1.0700.

On the 4-hour chart, the RSI hovered along the 50 mid line, indicating uncertainty among market participants.

On the same time frame, the Alligator's MAs are intersecting each other, which points to a stagnant phase.

Outlook

In this situation, we can see a slowdown in the downward cycle, which resulted in a stagnant phase within the 1.0600/1.0700 range. In order for EUR/USD to leave this range, the price must settle beyond one of the levels. In terms of technical analysis, this could strengthen trading positions in the direction of a breakout.

Complex indicator analysis indicates a flat phase in the short- and long-term timeframes.

This image is no longer relevant

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback