The Euro/Dollar currency pair EUR/USD continues to move within the development of a minor correction and a descending channel. The 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, which indicates pressure from sellers of the European currency and a potential continuation of the fall in the asset pair quotes from the current levels. At the time of publication of the forecast, the Euro to Dollar exchange rate for today is 1.0500. As part of the Forex forecast for December 17, 2024, we should expect an attempt to develop a bullish price correction and a test of the resistance level, which is located on the EUR/USD pair near the 1.0575 area. Next, a downward rebound in prices and a fall in the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area below the 1.0295 level.
EUR/USD forecast Euro Dollar for December 17, 2024
An additional signal in favor of the development of a bearish scenario on the EUR/USD currency pair tomorrow will be a rebound from the resistance line on the RSI indicator. The second signal in favor of this option will be a rebound from the upper border of the descending channel. The cancellation of the option of a decrease in quotes of the Euro Dollar currency pair tomorrow will be a strong growth and a breakout of the level of 1.0705. This will indicate a breakout of the resistance area and continued growth to the area at the level of 1.0965. Confirmation of the fall in the EUR/USD currency pair should be expected with a breakout of the support area at the level of 1.0375, which will indicate a breakout of the lower border of the bullish correction channel.
EUR/USD forecast Euro Dollar for December 17, 2024 suggests an attempt to develop the growth of the pair and a test of the resistance area near the level of 1.0575. Where should we consider the rebound of the Euro Dollar pair price downwards and an attempt to continue the asset’s fall on the market to the area below 1.0295. An additional signal in favor of the instrument’s decline on the Forex market will be a test of the resistance line on the relative strength indicator (RSI). The cancellation of the EUR/USD pair fall option will be a strong increase in quotes and a breakout of the 1.0705 level. This will indicate a breakout of the resistance area and a continuation of the rise of the currency pair on Forex to the area above 1.0965.
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