Currency pair Euro Dollar EUR/USD completes the trading week near the 1.1962 area. The pair continues to move within the fall. Moving averages indicate a bullish trend for the pair. Prices are again testing the areas 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 1.2155. Where is the rebound and the continuation of the fall of the Euro/Dollar expected. A potential target of the decline is the area below the level of 1.1475.
EUR/USD Forecast and Weekly Analysis February 8 — 12, 2021
An additional signal in favor of the fall of the EUR/USD currency pair on Forex will be a test of the broken trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option of falling quotations of the Euro/Dollar pair in the current trading week on February 8 — 12, 2021 will be a strong growth and a breakdown of the level of 1.2355. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.2675. With the breakdown of the support area and closing of quotations below 1.1805.
Among the important news from America and Europe in the next trading week, which may affect 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 8 — 12, 2021 suggests an attempt to test the resistance area near the level of 1.2155. Where can we expect the pair to continue falling to the area below the level of 1.1475. 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 1.2355. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.2675.
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