The EUR/USD currency pair continues to move within the framework of the correction development and the beginning of the implementation of the “Head and Shoulders” reversal model. 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 downwards, which indicates pressure from sellers of the European currency and a potential continuation of the fall in the quotes of the currency pair from the current levels. At the time of publication of the forecast, the Euro to Dollar exchange rate for today is 1.1305. Within the framework of the Forex forecast for May 6, 2025, we should expect an attempt to develop a bullish correction of the price correction and a test of the resistance level, which is located on the EUR/USD pair near the 1.1355 area. Further, a downward rebound in prices and a continuation of the fall of the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area below the 1.1035 level.
EUR/USD Forecast Euro Dollar for May 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 descending resistance line on the RSI indicator. The second signal in favor of this option will be a rebound from the lower border of the “Head and Shoulders” reversal pattern. The cancellation of the option of falling quotes for the Euro Dollar currency pair tomorrow will be a strong growth and a breakout of the 1.1475 level. This will indicate a breakout of the resistance area and continued growth to the area at 1.1685. Confirmation of the fall in the EUR/USD currency pair should be expected with a breakout of the support area at 1.1245.
EUR/USD Forecast Euro Dollar for May 6, 2025 suggests an attempt to develop a bullish correction for the pair and a test of the resistance area near the 1.1355 level. 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 1.1035 level. An additional signal in favor of the instrument’s decline on the Forex market will be a test of the resistance line on the relative strength indicator (RSI). The cancellation of the EUR/USD pair’s fall option will be a strong increase in quotes and a breakout of the 1.1475 level. This will indicate a breakout of the resistance area and continued growth of the currency pair on Forex to the area above the 1.1685 level.
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