The Euro Dollar EUR/USD currency pair ends the trading week as part of the correction development near the level of 1.0858. The moving averages indicate the presence of a bullish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from buyers of the European currency and a probable continuation of growth from the current levels. As part of the Euro exchange rate forecast for the trading week, we should expect an attempt to develop a decline in the EUR/USD pair and a test of the support area near the level of 1.0715. From where an upward rebound and continued growth of the Euro Dollar currency pair is expected in the current trading week. The potential growth target is the area above the level of 1.1185.
EUR/USD Forecast and Analysis November 4 — 8, 2024
An additional signal in favor of the growth of the EUR/USD pair on Forex will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the “Triangle” model. The cancellation of the option of raising the quotes of the Euro Dollar pair in the current trading week of November 4 — 8, 2024, will be strong growth and a breakout of the level of 1.0565. This will indicate a breakout of the resistance area and a continuation of the pair’s rise to the area above 1.0175. With a breakout of the resistance area and closing of quotes above 1.1005, we should expect confirmation of the pair’s quotes growth, which will indicate a breakout of the upper boundary of the downward correction channel.
EUR/USD Forecast and Analysis November 4 — 8, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 1.0715. Where should we expect a price rebound upward and continued growth of the pair on the Forex market to the area below the level of 1.1185. An additional signal in favor of the rise will be a test of the support line on the relative strength indicator (RSI). The cancellation of the Euro Dollar growth option will be a fall and a breakout of the level of 1.0565. In this case, we should expect a continuation of the decline of the pair with a potential target at the level of 1.0175.
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