Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.2125. The pair continues to move within the framework of the growth and the ascending channel. Moving averages indicate a bullish trend for the pair. Prices bounced back from the area between the signal lines, which indicates pressure from buyers of the European currency and the likely continuation of growth from the current levels. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 1.2215. Where is the rebound and the continuation of the fall of the Euro/Dollar expected. A potential target of decline is the area below the level of 1.1435.
EUR/USD Forecast and Weekly Analysis February 1 — 5, 2021
An additional signal in favor of the fall of the EUR/USD currency pair on Forex will be a test of the resistance line on the relative strength index (RSI). The second signal will be a bounce off the top of the Expanding Formation. Cancellation of the option of falling quotations of the Euro/Dollar pair in the current trading week on February 1 — 5, 2021 will be a strong growth and a breakdown of the level of 1.2485. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.2795. With the breakdown of the support area and closing of quotations below the level of 1.1875.
Among the important news from America and Europe in the next trading week, which may have an impact on the EUR/USD rate, it is worth highlighting: European Union Gross Domestic Product (GDP) q/q , ISM United States Non-Manufacturing Purchasing Managers Index (PMI), EIA United States Crude Oil Stocks Change, European Union Retail Sales m/m, United States Nonfarm Payrolls.
EUR/USD Forecast and Weekly Analysis February 1 — 5, 2021 suggests an attempt to test the resistance area near the level of 1.2215. Where can we expect the pair to continue falling to the area below the level of 1.1435. An additional signal in favor of a decline will be a test of the support line on the relative strength index (RSI). Cancellation of the option to drop the Euro/Dollar will be a strong growth and a breakdown of the level of 1.2485. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.2795.
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