Hot forecast for EUR//USD on April 23, 2024

The EUR/USD pair is moving around the base of the downward cycle, where a sideways range has formed. The support level is at 1.0600, while the peak of the sideways range can reach the value of 1.0700.

On the 4-hour chart, the RSI hovered along the 50 mid line, indicating uncertainty among market participants.

On the same time frame, the Alligator’s MAs are intersecting each other, which points to a stagnant phase.

Outlook

In this situation, we can see a slowdown in the downward cycle, which resulted in a stagnant phase within the 1.0600/1.0700 range. In order for EUR/USD to leave this range, the price must settle beyond one of the levels. In terms of technical analysis, this could strengthen trading positions in the direction of a breakout.

Complex indicator analysis indicates a flat phase in the short- and long-term timeframes.

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The material has been provided by InstaForex Company – www.instaforex.com

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