The Euro Dollar EUR/USD currency pair continues to move within the context of strong growth and the formation of a “Wedge” reversal pattern. Moving averages indicate a short-term bearish trend for the pair. Prices have broken below the area between the signal lines, indicating growing downward pressure from sellers of the European currency and a potential continuation of the decline in the currency pair from current levels. At the time of publication of the forecast, the Euro to Dollar exchange rate today is 1.1476. As part of the Forex forecast for July 31, 2026, we expect an attempt at a bullish correction in quotes and a test of the resistance level located near 1.1505 on the EUR/USD pair. Subsequently, a downward rebound in prices and continued downward momentum in the Euro Dollar currency pair is expected. The potential target for such a move on FOREX is the area below 1.1385.
EUR/USD Forecast Euro Dollar for July 31, 2026
An additional signal in favor of a bearish scenario for the EUR/USD currency pair tomorrow will be a rebound from the descending resistance line on the RSI indicator. A second signal in favor of this scenario will be a rebound from the upper boundary of the “Wedge” reversal pattern. A strong price increase and a breakout of 1.1555 will cancel the bearish scenario for the EUR/USD currency pair on July 31, 2026. This will indicate a breakout of the upper boundary of the descending channel and a continuation of the bullish price correction to 1.1715. Confirmation of the decline in the EUR/USD currency pair should be expected with a breakout of local support at 1.1455, which will indicate the end of the current bullish correction and the beginning of the “Wedge” reversal pattern with targets below.
EUR/USD Forecast Euro Dollar for July 31, 2026 suggests an attempt at a bullish correction in currency quotes, testing the resistance level near 1.1505. This is where we should expect a downward rebound in the EUR/USD pair and an attempt at a continued decline in the instrument on the Forex market, targeting 1.1385. An additional signal supporting this scenario would be a breakout from the resistance line on the relative strength indicator (RSI). A strong rally and a breakout of 1.1555 would cancel out the EUR/USD downside scenario. This would indicate a breakout of the resistance zone and a continued rise in the currency pair on Forex to 1.1715.
