The Euro/Dollar currency pair EUR/USD ends the trading week with a fall near the 1.0650 area. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the European currency and a likely continuation of growth from current levels. At the moment, we should expect an attempt to develop a decline in the pair’s quotes and a test of the support area near the level of 1.0565. Where is the expected rebound upward and continued rise of the Euro/Dollar currency pair in the current trading week. A potential growth target is the area above the level of 1.0965.
EUR/USD Forecast April 22 — 26, 2024
An additional signal in favor of a rise in the EUR/USD currency pair on Forex will be a test of the support line on the relative strength indicator (RSI); there have already been several rebounds from this line. The second signal will be a rebound from the lower boundary of the bullish Wolfe Wave pattern. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week of April 22 — 26, 2024 will be a fall and a breakdown of the level of 1.0405. This will indicate a breakdown of the lower boundary of the bullish channel and a continued fall of the pair to the area below the level of 1.0165. With the breakdown of the resistance area and closing of quotes above the level of 1.0745, we should expect confirmation of an increase in the pair’s quotes.
EUR/USD Forecast April 22 — 26, 2024 assumes an attempt to develop a bearish correction and test the support area near the level of 1.0565. Where can we expect a rebound in price and continued growth of the pair on the Forex market to the area above the level of 1.0965. An additional signal in favor of an increase will be a test of the resistance line on the relative strength indicator (RSI). Cancellation of the growth option for the Euro/Dollar will be a fall and a breakdown of the level of 1.0405. In this case, we should expect the pair to continue to decline with a potential target at 1.0165.
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