To continue, the recovery will have to pass through the intermediate resistance of 1.08, which will open the doors to the more markedly bullish scenario. Meanwhile, today at the time of writing, the euro-dollar exchange rate is exactly 1.0786 while the US dollar index beats 105.150 points.
Forecasts on the euro-dollar exchange rate
The euro-dollar exchange rate will continue this week’s trading sessions by looking at the most relevant technical indicator for the very short term.
We are referring to the 200 day EMA, at 1.07957, which anticipates the round resistance of 1.08 and would undoubtedly guarantee a strong bullish push, if exceeded.
The momentum needed to reach this value is very minimal, but the bearish pressure concentrated precisely on the round support could postpone any attempt to move forward.
To favor a safe rise above the EMA and, from there, beyond the resistance at $80, a fundamental push guaranteed by favorable macro data for the Eurozone may be necessary. In these hours, for example, the final inflation rate in Germany is awaited, which could influence the balance of the euro-dollar exchange rate.
In any case, in the event of a recovery above 1.08, forecasts see a continuation of increases between 1.0805 and 1.0835 already in the very short term, thanks to the traction exerted by the 200-day EMA. The placement of this indicator so close to the resistance should in fact guarantee a large rally beyond it, if the cross manages to dodge the bearish pressure.
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