The Euro/Dollar currency pair EUR/USD continues to move within the framework of the growth development and the bearish channel. The moving averages indicate the presence of a short-term downward trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of the European currency and a potential continuation of the growth of 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 1.0416. Within the framework of the Forex forecast for February 6, 2025, an attempt to develop price growth and a test of the resistance level, which is located on the EUR/USD pair near the 1.0445 area, should be expected. Next, a downward price rebound and a fall in the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area below 1.0255.
EUR/USD forecast Euro Dollar for February 6, 2025
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 bearish channel. The cancellation of the option of a fall in the quotes of the Euro Dollar currency pair tomorrow will be a strong growth and a breakout of the level of 1.0525. This will indicate a breakout of the resistance area and continued growth to the area at 1.0745. Confirmation of the fall in the EUR/USD currency pair should be expected with a breakout of the support area at 1.0365, which will indicate a breakout of the lower border of the bullish correction channel.
EUR/USD forecast Euro Dollar for February 6, 2025 suggests an attempt to develop a bullish correction of the pair and a test of the resistance area near the level of 1.0445. From where it is worth considering the rebound in the price of the Euro Dollar pair downwards and an attempt to continue the fall of the asset on the market to the area below the level of 1.0255. An additional signal in favor of a decrease in the instrument on the Forex market will be a test of the resistance line on the relative strength indicator (RSI). The cancellation of the option of a fall in the EUR/USD pair will be a strong increase in quotes and a breakout of the level of 1.0525. This will indicate a breakout of the resistance area and continued growth of the currency pair on Forex to the area above the level of 1.0745.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
