The Euro/Dollar currency pair EUR/USD continues to move within the framework of the correction development and the formation of the “Head and Shoulders” reversal pattern. 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 1.0534. As part of the Forex forecast for December 4, 2024, we should expect an attempt to develop a bearish price correction and a test of the support level, which is located on the EUR/USD pair near the 1.0485 area. Further, an upward price rebound and an increase in the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area above the 1.0745 level.
EUR/USD forecast Euro Dollar for December 4, 2024
An additional signal in favor of the development of a bullish scenario on the EUR/USD currency pair tomorrow will be a rebound from the support line on the RSI indicator. The second signal in favor of this option will be a rebound from the lower border of the reversal pattern “Head and Shoulders”. The cancellation of the growth option for the Euro Dollar currency pair tomorrow will be a fall and a breakout of the level of 1.0365. This will indicate a breakout of the support area and a continuation of the fall into the area at the level of 1.0155. Confirmation of growth for the EUR/USD currency pair should be expected with a breakout of the resistance area at the level of 1.0645, which will indicate a breakout of the upper border of the reversal pattern “Head and Shoulders” and the beginning of the implementation of the pattern with targets at the top.
EUR/USD forecast Euro Dollar for December 4, 2024 suggests an attempt to develop the pair’s fall and a test of the support area near the level of 1.0485. From where one should consider the rebound in the price of the Euro Dollar pair upward and an attempt to continue the asset’s growth on the market to the area above the level of 1.0745. An additional signal in favor of the rise of the instrument on the Forex market will be a test of the support line on the relative strength indicator (RSI). The EUR/USD growth scenario will be cancelled if the quotes fall and the 1.0365 level is broken. This will indicate a breakout of the support area and a continuation of the fall of the currency pair on Forex to the area below the 1.0155 level.
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