Forecast for EUR/USD on March 5, 2020

EUR/USD

The EUR/USD quote continues to stay at the Fibonacci level of 76.4% on the daily scale chart, in the area of Monday's close. Trading volumes were high, indicating closing positions from purchases since February 21. The euro is unfolding.

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The first goal 1.1035 is to support the MACD line on a daily chart. The second target, 1.0990, is an embedded price channel line, overcoming of which, in turn, opens the way to a medium-term decline in the euro. Investors are laying a 90% chance that the ECB will lower the deposit rate from the current -0.50% to -0.60% at its meeting on March 12th.

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