The Euro/Dollar currency pair EUR/USD continues to move within the development of growth and an ascending channel. The moving averages indicate the presence of a short-term bullish 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 1.0442. Within the framework of the Forex forecast for January 23, 2025, 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 1.0395 area. Next, an upward rebound in prices and growth of the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area above the 1.0585 level.
EUR/USD forecast Euro Dollar for January 23, 2025
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 bullish channel. The cancellation of the growth option for the Euro Dollar currency pair tomorrow will be a fall and a breakout of the 1.0325 level. This will indicate a breakout of the support area and a continuation of the fall to the area at the level of 1.0165. It is worth expecting confirmation of the growth of the EUR/USD currency pair with a breakout of the resistance area at the level of 1.0525.
EUR/USD forecast Euro Dollar for January 23, 2025 suggests an attempt to develop a bearish correction of the pair and a test of the support area near the level of 1.0395. From where it is worth considering a rebound in the price of the Euro Dollar pair upward and an attempt to continue the growth of the asset on the market to the area above the level of 1.0585. An additional signal in favor of the instrument’s rise on the Forex market will be a test of the support line on the relative strength indicator (RSI). The cancellation of the growth option for the EUR/USD pair will be a drop in quotes and a breakout of the 1.0325 level. This will indicate a breakout of the support area and a continuation of the decline of the currency pair on Forex to the area below the 1.0165 level.
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