Forex FOREX PRO WEEKLY, March 20 - 24, 2023

[Sive Morten]

So… a few predictions from the banking movers from the end of 2022. When they want to buy a lot, someone has to sell a lot….
BoA is forecasting EUR/USD back to parity early in 2023:

BoA is forecasting EUR/USD back to parity early in 2023 | Forexlive

www.forexlive.com

Goldman Sachs is "skeptical that the Euro can durably rally":

Goldman Sachs is "skeptical that the Euro can durably rally" | Forexlive

www.forexlive.com

JPMorgan target EUR/USD as low as 0.90 in the first half of 2023:

JPMorgan target EUR/USD as low as 0.90 in the first half of 2023 (Fed, ECB to pause) | Forexlive

www.forexlive.com

I hope you don't mind my statistics.

Thanks, Vokin, absolutely not. And I could tell even more - in the late 2022 we also have suggested 0.9. And to be honest - this scenario is not cancelled yet, at least technically. We see it on the monthly chart - there is huge B&B "Sell" pattern. So, I wouldn't hurry to deny it.

At the same time - the mind changing by analysts not always tells that they were wrong. We're living in dynamic world, everyday economical and political situation is changing. So, it is not surprise that they also change forecasts. Besides - if you check for FED (or any central bank) forecasts of major fundamentals - you will see that they are always wrong and never was on spot.

 

[Sive Morten]

Morning guys,

Well, market is trying to relax after tough week. Today we could offer you only B&B setup on 4H chart if you want. The pullback that we've discussed yesterday in a way of minor H&S pattern on 1H chart has started well. Now price is almost completed its ultimate target - XOP @1.0806:

Meantime, on 4H chart, we're coming to first major 3/8 support of 1.0815 area and EUR is forming clear B&B "Buy" setup:

Thus, if you still will decide to participate - watch for 1H XOP completion and upside reversal pattern on 15 min chart (most probably it will be reverse H&S). Potential target is around 1.0890. So, this should be enough just for the one session.