The Euro Dollar EUR/USD currency pair continues to move within a developing correction and forming a bearish “Wolfe Wave” pattern. Moving averages indicate a short-term uptrend for the pair. Prices have broken above the signal lines, indicating growing pressure from buyers of the European currency and potential continued growth in the currency pair from current levels. At the time of publication of this forecast, the Euro to Dollar exchange rate is currently at 1.1765. As part of the Forex forecast for May 8, 2026, we expect an attempt at further growth and a test of the resistance level located near 1.1785 on the EUR/USD pair. Subsequently, a downward rebound is expected, and the downward momentum in the Euro Dollar currency pair will continue to develop. The potential target for such a move on FOREX is below 1.1645.
EUR/USD Forecast Euro Dollar for May 8, 2026
An additional signal in favor of a downward scenario for the EUR/USD currency pair tomorrow will be a rebound from the resistance line on the RSI indicator. A second signal in favor of this scenario will be a rebound from the upper boundary of the bearish Wolfe Wave pattern. A strong price increase and a breakout of 1.1845 will cancel out the downward scenario for the EUR/USD currency pair tomorrow. This will indicate a breakout of the resistance area and a continued rise to 1.2005. A confirmation of the decline in the EUR/USD currency pair should be expected with a breakout of the support area at 1.1695, which will indicate a breakout of the lower boundary of the bearish Wolfe Wave pattern.
EUR/USD Forecast Euro Dollar for May 8, 2026 suggests an attempt at a bearish correction in currency quotes with a test of the resistance level near 1.1785. Where should we expect a downward rebound in the Euro/Dollar currency pair and an attempt to continue the instrument’s decline on the Forex market, targeting 1.1645? An additional signal supporting this scenario would be a rebound from the resistance line on the relative strength indicator (RSI). A strong rise in the EUR/USD pair and a breakout of 1.1845 would cancel the downward scenario. This would indicate a breakout of the resistance zone and a continued rise in the currency pair on Forex toward 1.2005.
