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29.02.2024 07:17 AM
Forecast for EUR/USD on February 29, 2024

EUR/USD

On Wednesday, the euro made a strong attempt to break below the support level of 1.0825, but, as we anticipated in yesterday's overview, it did not succeed in just a day. Nevertheless, it made an attempt, and speculative interest is clear. We expect another attack on the aforementioned support level. Traders could receive external help – yesterday, the S&P 500 decreased by 0.17%, and in today's Asia Pacific session, the S&P/ASX200 is losing 0.16%.

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On Wednesday, U.S. lawmakers, for the fourth time, agreed to extend funding for some government agencies for a week, through March 8, and the rest for another two weeks, until March 22. Obviously, they will be able to approve the final allocation of $1.7 trillion even if they fail to do so in March.

We're waiting for the price to settle below the level of 1.0825 to confirm the market's choice in pushing the pair towards 1.0724. An alternative scenario, suggesting growth above 1.0905, will emerge after the price overcomes the resistance of the MACD line (1.0874).

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On the 4-hour chart, yesterday, the price failed to settle below the MACD line, rising back above the red balance line. The Marlin oscillator is in its lower half, indicating a predominantly downward trend. In order to support the decline, the price needs to settle below the 1.0817 mark.

Laurie Bailey,
Analytical expert of InstaForex
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