The Euro Dollar EUR/USD currency pair ends the trading week with a correction near the level of 1.0301. The pair continues to move in a downward channel. The moving averages indicate a 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 probable continuation of the fall from the current levels. As part of the Euro exchange rate forecast for the trading week, we should expect an attempt to develop a decline in the EUR/USD pair and a test of the support area near the level of 1.0085. From where an upward rebound and continued growth of the Euro Dollar currency pair is expected in the current trading week. The potential growth target is the area above the level of 1.0775.
EUR/USD Forecast January 20 — 24, 2025
An additional signal in favor of the growth of the EUR/USD pair on Forex will be a test of the support line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the support area on the price chart. The option of the Euro Dollar pair quotation increase in the current trading week of January 20 — 24, 2025, will be cancelled if the pair falls and breaks through the 0.9875 level. This will indicate a breakout of the resistance area and a continuation of the pair’s rise to the area above the 0.9565 level. With a breakout of the resistance area and closing of quotations above the 1.0485 level, we should expect confirmation of the pair’s quotation growth, which will indicate a breakout of the upper boundary of the descending channel.
EUR/USD Forecast January 20 — 24, 2025 suggests an attempt to develop a bearish correction and test the support area near the level of 1.0085. Where should we expect a price rebound upward and continued growth of the pair on the Forex market to the area below the level of 1.0775. An additional signal in favor of the rise will be a test of the support line on the relative strength indicator (RSI). The cancellation of the Euro Dollar growth option will be a fall and a breakout of the level of 0.9875. In this case, we should expect a continuation of the decline of the pair with a potential target at the level of 0.9565.
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