The Euro Dollar EUR/USD currency pair is finishing the trading week as part of the development of a fall near the level of 1.0958. The moving averages indicate the presence of a bullish trend for the pair. Prices are again testing the area between the signal lines, 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 growth in the EUR/USD quotes and a test of the support area near the level of 1.1085. From where a downward rebound and continued fall of the Euro Dollar currency pair is expected in the current trading week. The potential growth target is the area below the level of 1.0645.
EUR/USD Forecast and Analysis October 7 — 11, 2024
An additional signal in favor of the fall of the EUR/USD pair on Forex will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel, which was broken down by sellers. The cancellation of the option of a decrease in the quotes of the Euro Dollar pair in the current trading week of October 7 — 11, 2024, will be a strong growth and a breakout of the level of 1.1305. This will indicate a breakout of the resistance area and a continuation of the rise of the pair to the area above the level of 1.1585. With a breakout of the support area and closing of quotes below the level of 1.0905, we should expect confirmation of the decline in quotes of the pair.
EUR/USD Forecast and Analysis October 7 — 11, 2024 suggests an attempt to develop a bullish correction and a test of the resistance area near the level of 1.1085. From where we should expect a downward price rebound and a continuation of the fall of the pair on the Forex market to the area below the level of 1.0645. An additional signal in favor of a fall will be a test of the resistance line on the relative strength indicator (RSI). The cancellation of the Euro Dollar decline option will be a strong growth and a breakout of the 1.1305 level. In this case, we should expect a continuation of the rise of the pair with a potential target at the level of 1.1585.
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