USDEGP Analysis

20 thg 1, 2023

Here is an analysis of the USD/EGP exchange rate based on historical price data since the impulsive wave on November 2016. The price made a correction to 0.5 Fibonacci levels and then kept those levels as support for over five years. Since then, the price has been going up, forming an upside channel. The next short-term targets are 23.79 to 24 EGP per USD at the lower end of the upside channel based on the previous price behavior and wave's correction rate. If the price can't hold these levels, we will see a downtrend. However, if the price holds these levels, the up trend will likely continue, and we may see 45 EGP per USD by 2024.