The Euro/Dollar currency pair EUR/USD continues to move within the development of the correction and the 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 1.0384. Within the framework of the Forex forecast for January 8, 2025, we should expect an attempt to develop a fall in the price correction and a test of the support level, which is located on the EUR/USD pair near the 1.0285 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 1.0565 level.
EUR/USD forecast Euro Dollar for January 8, 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 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 1.0205. This will indicate a breakout of the support area and a continuation of the fall into the area at the level of 0.9965. Confirmation of growth for the EUR/USD currency pair should be expected with a breakout of the resistance area at the level of 1.0475, 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 January 8, 2025 suggests an attempt to develop the pair’s fall and a test of the support area near the level of 1.0285. Where should we consider the rebound in the price of the Euro Dollar pair upward and an attempt to continue the asset’s rise on the market to the area above the level of 1.0565. An additional signal in favor of the growth of the instrument on the Forex market will be a test of the support line on the relative strength indicator (RSI). The cancellation of the EUR/USD rise option will be a drop in quotes and a breakout of the level of 1.0205. 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 level of 0.9965.
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