The EUR/USD currency pair 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 upward 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 currency pair quotes from the current levels. At the time of publication of the forecast, the Euro to Dollar exchange rate for today is 1.1360. Within the framework of the Forex forecast for May 1, 2025, we should expect an attempt to develop an increase in the price correction and a test of the resistance level, which is located on the EUR/USD pair near the 1.1455 area. Next, a downward rebound in prices and a continued fall in the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area below the 1.0935 level.
EUR/USD Forecast Euro Dollar for May 1, 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 downward trend line on the RSI indicator. The second signal in favor of this option will be a rebound from the upper border of the reversal pattern “Head and Shoulders”. The cancellation of the option of falling quotes of the Euro Dollar currency pair tomorrow will be a strong growth and a breakout of the level of 1.1605. This will indicate a breakout of the resistance area and continued growth to the area at the level of 1.1745. Confirmation of the fall in the EUR/USD currency pair should be expected with a breakout of the support area at the level of 1.1265, which will indicate a breakout of the lower border of the reversal pattern “Head and Shoulders” and the beginning of the implementation of the pattern with targets below.
EUR/USD Forecast Euro Dollar for May 1, 2025 suggests an attempt to develop a bullish correction of the pair and a test of the resistance area near the level of 1.1455. Where should we consider the rebound in the price of the Euro Dollar currency pair downwards and an attempt to continue the fall of the asset on the market to the area below the level of 1.0935. An additional signal in favor of the decline of the instrument on the Forex market will be a test of the resistance line on the relative strength indicator (RSI). The cancellation of the fall of the EUR/USD pair will be a strong increase in quotes and a breakout of the level of 1.1605. 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 1.1745.
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