The Euro Dollar EUR/USD currency pair ends the trading week with a correction near the level of 1.0419. The pair continues to move in a descending channel. The moving averages indicate a bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the European currency and a probable continuation of the fall 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 1.0375. 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 1.0965.
EUR/USD Forecast December 30, 2024 — January 3, 2025
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 indicator). The second signal will be a rebound from the support area on the price chart. The cancellation of the option of raising the quotes of the Euro Dollar pair in the current trading week from December 30, 2024 — January 3, 2025 will be a fall and a breakout of the level of 1.0175. This will indicate a breakout of the resistance area and a continuation of the pair’s rise to the area above the level of 0.9825. With a breakout of the resistance area and closing of quotes above the level of 1.0585, we should expect confirmation of the growth of quotes of the pair, which will indicate a breakout of the upper border of the descending channel.
EUR/USD Forecast December 30, 2024 — January 3, 2025 suggests an attempt to develop a bearish correction and test the support area near the level of 1.0375. Where should we expect the price to rebound upward and continue to grow the pair on the Forex market to the area below the level of 1.0965. 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 1.0175. In this case, we should expect the pair to continue to decline with a potential target at the level of 0.9825.
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