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31.03.202105:39 Forex Analysis & Reviews: Forecast for EUR/USD on March 31, 2021

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EUR/USD

A double convergence began to clearly form on the daily chart, indicating either a deep or prolonged correction, possibly from a move from the January 6 high (1.2349). The price can still reach the target range of 1.1688-1.1700. Pushing the price to settle above 1.1745 will become a factor for confirming the final formation of the double convergence.

Of course, there is also a scenario of a deeper advance down to the target area of 1.1560 with a breakthrough of the entire structure of the convergent. A variant with a low convergence is also possible, which the Marlin oscillator transforms into a downward triangle. This option is marked with a dotted line on the chart. Accordingly, the price will be in an indefinite state in the 1.1688-1.1745 range.

Convergence is forming on the four-hour chart. It will persist even if the price is reaching the target range of 1.1688-1.1700. Buying and selling the euro today carries a big risk.

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