Moving averages indicate a bullish 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 likely continuation of growth from current levels. As part of the Euro exchange rate forecast for the trading week, we should expect an attempt to develop a slight fall in the EUR/USD quotes and a test of the support area near the level of 1.0825. From where an upward rebound and continued rise of the Euro Dollar currency pair is expected in the current trading week. A potential growth target is the area above the level of 1.1425.
EUR/USD Forecast and Analysis August 12 — 16, 2024
An additional signal in favor of the rise of the EUR/USD pair on Forex will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of raising the quotes of the Euro Dollar pair in the current trading week of August 12 — 16, 2024, will be a fall and a breakout of the level of 1.0565. This will indicate a breakout of the lower border of the pattern and a continuation of the pair’s fall to the area below 1.0325. With a breakout of the resistance area and closing of quotes above 1.1025, we should expect confirmation of the rise in quotes for the pair, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern’s development with targets at the top.
EUR/USD Forecast and Analysis August 12 — 16, 2024 suggests an attempt to develop a bearish correction and a test of the support area near 1.0825. From where we should expect an upward price rebound and continued growth of the pair on the Forex market to the area above 1.1425. An additional signal in favor of growth will be a test of the support line on the relative strength indicator (RSI). The Euro Dollar growth option will be cancelled by a fall and a breakout of the 1.0565 level. In this case, we should expect a continuation of the pair’s decline with a potential target at 1.0325.
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