EUR/USD Currency Pair Forecast
You cannot rule out that eur/USD. previously marked a target of 1.2270, and the ability of the pair to continue to rise to 1.2350 cannot be ruled out – another strong level of technical resistance on the W1. At the same time, if you pay attention to the hourly time interval, you will see a moderate weakening of the pair, and as a result, the formation of a helper in the range of 1.2238-1.2270. The withdrawal of quotations at the lower end of the recorded price range cancels the bullish scenario, opening the way to 1.2210. Nevertheless, active sales remain in the area of increased commercial risk as the trend is upward.
I will focus on the publication of the IFO Institute’s report on changing business conditions and economic expectations in Germany. Actual data was better than previous and projected values. But this release had a very weak impact on the market, thereby increasing the likelihood of the pair falling to 1.2225 and then to 1.2210.
Basedic scenario includes a further increase to 1.2350, but will only be activated in the event of an explosion and subsequent fixation of quotations above 1.2270.
Scenarzyńca will be activated in the event of a support explosion of 1.2238, opening the way to 1.2210. The downside scenario takes into account the stronger downward trend to 1.2175.
The above is not a direct guide to action, but is extremely introductory.