The EUR/USD currency pair continues its movement within the framework of a downtrend and descending channel. There remains potential for forming a “Head and Shoulders” reversal pattern. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, indicating selling pressure on the euro and the potential continuation of the pair’s decline from current levels. At the time of publishing this forecast, the Euro to Dollar exchange rate today stands at 1.0486.
In the Forex forecast for December 13, 2024, we can expect an attempt at a bullish correction and a test of the resistance level near 1.0585. Subsequently, the price is likely to rebound downwards, leading to a decline in the EUR/USD currency pair. The potential target for this movement on Forex is the area below the 1.0275 level.
EUR/USD forecast Euro Dollar for December 13, 2024
An additional signal in favor of a bearish scenario for the EUR/USD currency pair tomorrow would be a rebound from the resistance line on the RSI indicator. A second signal supporting this scenario would be a rejection from the upper boundary of the descending channel. The bearish scenario for the EUR/USD pair would be canceled in the case of a strong rise and a breakout of the 1.0745 level. This would indicate a breakout of the resistance area and a continuation of growth towards the 1.0985 level.
Confirmation of the decline in the EUR/USD pair should come with a breakout of the support area at the 1.0425 level, which would signal the beginning of the “Head and Shoulders” pattern with downward targets.
EUR/USD forecast Euro Dollar for December 13, 2024 suggests an attempt at pair growth and a test of the resistance area near 1.0585. From this level, a price rebound downward and an attempt to continue the decline to the area below 1.0275 are expected. An additional signal in favor of the instrument’s decline on the Forex market would be a test of the resistance line on the RSI indicator. The bearish scenario for the EUR/USD pair would be canceled by a strong rise in quotes and a breakout of the 1.0745 level, indicating a breakout of the resistance area and a further rise in the pair above 1.0985 on Forex.
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