The Euro/Dollar currency pair EUR/USD ends the trading week with growth near the 1.0850 area. The 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 probable continuation of growth from the 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 1.0745 level. 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 1.1525 level as part of the beginning of the inverted “Head and Shoulders” reversal pattern.
EUR/USD Forecast and Analysis July 29 — August 2, 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 July 29 — August 2, 2024, will be a fall and a breakout of the level of 1.0535. This will indicate a breakout of the lower border of the pattern and a continuation of the fall of the pair to the area below the level of 1.0325. With a breakout of the resistance area and closing of quotes above the level of 1.1025, we should expect confirmation of the rise in quotes of the pair, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
EUR/USD Forecast and Analysis July 29 — August 2, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 1.0745. Where should we expect an upward price rebound and continued growth of the pair on the Forex market to the area above the level of 1.1525. An additional signal in favor of the rise will be a test of the support line on the relative strength indicator (RSI). The Euro Dollar growth option will be cancelled if the pair falls and breaks through the 1.0535 level. In this case, we should expect the pair to continue to decline with a potential target at the 1.0325 level.
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