empty
21.08.2024 08:38 AM
Hot forecast for EUR/USD on August 21, 2024

This image is no longer relevant

During its momentum-driven rise, the EUR/USD pair reached an eight-month high, where the volume of long positions slightly decreased.

In the 4-hour chart, the RSI technical indicator is in the overbought zone, suggesting an excessive number of long positions.

Regarding the Alligator indicator in the same time frame, the moving average lines are aligned with the direction of the trend.

Expectations and Prospects

From a technical perspective, there are signs of the euro's overbought conditions in the intraday period. However, the momentum still prevails. Therefore, if the price stabilizes above 1.1150, the pair could move towards the local high established in July 2023. As for a technical pullback, if the price does not stabilize above 1.1150, it could temporarily weaken the euro towards 1.1050, which would fit the logic of a realignment of trading forces.

The complex indicator analysis suggests an upward cycle in the short-term and intraday periods.

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

Hot Forecast for EUR/USD on December 10, 2024

The currency market continues to consolidate around levels reached on Friday, primarily due to the complete absence of any macroeconomic data. With today's economic calendar remaining empty and the European

Dean Leo 05:52 2024-12-10 UTC+2

Hot Forecast for EUR/USD on December 9, 2024

The unemployment rate in the United States increased from 4.1% to 4.2%, which was not entirely unexpected. However, the dollar strengthened. The key driver was the creation of 227,000

Dean Leo 06:27 2024-12-09 UTC+2

Hot Forecast for EUR/USD on December 6, 2024

Eurozone retail sales growth slowed significantly from 3.0% to 1.9%, much worse than even the most pessimistic forecasts. Yet, the euro still managed to gain ground. It is impossible

Dean Leo 06:31 2024-12-06 UTC+2

Hot Forecast for EUR/USD on 05.12.2024

The rate of decline in producer prices in the Eurozone slowed from -3.4% to -3.2%, contrary to expectations of an acceleration to -3.5%. This indicates that, while likely to decrease

Dean Leo 06:37 2024-12-05 UTC+2

Hot Forecast for EUR/USD on December 4, 2024

The number of job openings in the United States was expected to decrease by 63,000 but increased by 372,000. However, it's difficult to draw any conclusions from this data because

Dean Leo 06:30 2024-12-04 UTC+2

Hot Forecast for EUR/USD on December 3, 2024

Instead of rising from 6.3% to 6.4%, the Eurozone unemployment rate remained unchanged. However, this did not impact the market, and prices stayed flat. This is partly due to news

Dean Leo 06:30 2024-12-03 UTC+2

Hot Forecast for EUR/USD on 02.12.2024

Despite the acceleration of annual inflation in the Eurozone from 2.0% to 2.3%, the euro failed to rise and even weakened. Although the scale of the decline was limited

Dean Leo 05:52 2024-12-02 UTC+2

Hot Forecast for EUR/USD on November 27, 2024

As expected, the Federal Open Market Committee meeting minutes didn't reveal anything new. Given the dollar's excessive overbought condition, a continuation of the corrective movement, that is, some strengthening

Dean Leo 06:24 2024-11-27 UTC+2

Hot Forecast for EUR/USD on November 26, 2024

Despite some fluctuations, the market is essentially at a standstill. This pattern may persist until the FOMC meeting minutes are published this evening. A significant reaction is only likely

Dean Leo 06:46 2024-11-26 UTC+2

Hot Forecast for EUR/USD on November 25, 2024

The preliminary PMI data for the Eurozone delivered a negative surprise. Instead of expected growth, all indicators declined. The Services PMI fell from 51.6 to 49.2 (forecast: 52.0)

Dean Leo 06:26 2024-11-25 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.