Currency pair Euro Dollar EUR/USD completes the trading week near the 1.2112 area. The pair continues to move within the correction and ascending channel. Moving averages indicate a bullish trend for the pair. Prices bounced off 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 a downward correction and a test of the support area near the level of 1.1975. Where is the rebound and continued growth expected from the Euro Dollar. The potential target of the decline is the area above the level of 1.2485.
EUR/USD Forecast and Weekly Analysis March 1 — 5, 2021
An additional signal in favor of raising the EUR/USD currency pair on Forex will be a test of the rising 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 growth option for the Euro/Dollar pair in the current trading week March 1 — 5, 2021 will be a fall and a breakdown of the level of 1.1805. This will indicate a breakdown of the support area and the continued fall of the pair to the area below the level of 1.1375. With the breakdown of the resistance area and closing of quotations above the level of 1.2265.
Among the important news from America and Europe in the next trading week that may have an impact on the EUR/USD rate, it is worth highlighting: European Central Bank (ECB) President Lagarde Speech, States Non-Manufacturing Purchasing Managers Index (PMI), European Union Retail Sales m/m, Federal Reserve System (Fed) Chair Powell Speech, United States Nonfarm Payrolls.
EUR/USD Forecast and Weekly Analysis March 1 — 5, 2021 suggests an attempt to correct and test the support area near the level of 1.1975. Where can we expect the pair to continue to grow to the area above the level of 1.2485. An additional signal in favor of the rise will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for the Euro/Dollar will be a fall and a breakdown of the level of 1.1805. In this case, we should expect the pair to continue to decline with a potential target at the level of 1.1375.
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