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FX.co ★ Forecast for EUR/USD on March 5, 2021

Forecast for EUR/USD on March 5, 2021

EUR/USD

Yesterday, the euro (more precisely, the dollar) launched a decisive attack on bearish targets; the price reached the first one (1.1948) this morning, the next ones are not very far away: 1.1915 and 1.1865/81, the upper border of which is determined by the lower border of the local descending channel, and coincides with the October 21, 2020 high, and the lower border at the highs of certain dates on October. After getting the price to settle under 1.1865, we are waiting for the euro to reach 1.1760.

Forecast for EUR/USD on March 5, 2021

The Marlin oscillator began to show a reversal when the price approached the level of 1.1948 on the four-hour chart. We do not expect a full-fledged convergence, since today's report on employment in the US and the like can put even more pressure on the European currency, but this is a sign that traders will not be active until the evening.

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Forecast for EUR/USD on March 5, 2021

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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