The Euro Dollar EUR/USD currency pair ends the trading week with a fall near the level of 1.0398. The pair continues to move within the framework of the decline and the formation of the reversal pattern “Head and Shoulders”. The moving averages indicate the presence of a bearish trend for the pair. Prices broke 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 quotes and a test of the support area near the level of 1.0285. 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 1.0875.
EUR/USD Weekly Forecast February 3 — 7, 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 lower border of the reversal pattern “Head and Shoulders”. The option of the Euro Dollar pair quotation increase in the current trading week of February 3 — 7, 2025, will be cancelled if the pair falls and breaks through the 0.9985 level. This will indicate a breakout of the resistance area and a continuation of the pair’s rise to the area above the 0.9675 level. With a breakout of the resistance area and closing of quotations above the 1.0545 level, we should expect confirmation of the pair’s quotation increase.
EUR/USD Weekly Forecast February 3 — 7, 2025 suggests an attempt to develop a bearish correction and a test of the support area near the level of 1.0285. 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 1.0875. 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 0.9985. In this case, we should expect a continuation of the decline of the pair with a potential target at the level of 0.9675.
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