Instaforex Analysis

[InstaForex Gertrude]

FOREX ANALYSIS & REVIEWS: 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%.

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 begin to develop after the price overcomes the resistance of the MACD line (1.0874).

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.

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[Instaforex Bella]

Forex Analysis & Reviews: Technical Analysis of GBP/USD for March 1, 2024


The GBP/USD pair has breached a short-term supply zone, hinting at bullish momentum with a potential move toward the 1.2691 level. A mix of buy and sell signals from technical indicators and moving averages suggest a market in consolidation, awaiting a decisive breakout. Sentiment has shifted slightly towards bears in the last three days, despite a generally bullish stance over the past week. The GBP/USD pair has recently demonstrated a bullish inclination, successfully breaching the short-term supply zone. A sustained move above the 100-day moving average (MA) suggests potential for further upward momentum. However, the pair is currently consolidating gains, indicating a pivotal moment for traders as the market seeks direction.


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[Instaforex Bella]

Forex Analysis & Reviews: Indicator Analysis of GBP/USD on March 4, 2024




The GBP/USD currency pair may move upward from the level of 1.2649 (closing of Friday's daily candle) to 1.2680, the 14.6% pullback level (yellow dotted line). Then, from the said level, a continued upward movement is possible to the upper fractal at 1.2708 (yellow dotted line).


Comprehensive analysis: Indicator analysis – up; Fibonacci levels – up; Volumes – up; Candlestick analysis – up; Trend analysis – up; Bollinger bands – up; Weekly chart – up. General conclusion: Today, the price may move upward from the level of 1.2649 (closing of Friday's daily candle) to 1.2680, the 14.6% pullback level (yellow dotted line). Then, from the said level, a continued upward movement is possible to the upper fractal at 1.2708 (yellow dotted line). Alternatively, from the level of 1.2649 (closing of Friday's daily candle), the price may move upward to 1.2680, the 14.6% pullback level (yellow dotted line). Then, a downward movement may occur with a target of 1.2663, the 23.6 % pullback level (yellow dotted line)


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[Instaforex Bella]

Forex Analysis & Reviews: Indicator Analysis of EUR/USD on March 5, 2024


Today, the price may move downward from the level of 1.0854 (closing of yesterday's daily candle) to test the historical support level at 1.0836 (blue dotted line). After that, an upward movement is possible to the 38.2% pullback level at 1.0864 (red dotted line), where the price may continue to rise. Alternatively, from the level of 1.0854 (closing of yesterday's daily candle), the price may move downward to test the 76.4% pullback level at 1.0842 (blue dotted line). After that, an upward movement is possible to the 38.2% pullback level at 1.0864 (red dotted line), where the price may continue to rise.



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[Instaforex Bella]

Forex Analysis & Reviews: Indicator Analysis of EUR/USD on March 6, 2024



The EUR/USD currency pair may move downward from the level of 1.0855 (closing of yesterday's daily candle) to 1.0842, the 76.4% pullback level (blue dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.0888 (blue dotted line).


Analysis are provided by InstaForex.

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