Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.0616 and continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the European currency and a likely continuation of growth already from current levels. At the moment, we should expect an attempt to develop a correction and test the resistance area near the level of 1.0735. Where is the expected rebound down and the continuation of the fall of the Euro Dollar. The area below the level of 0.9695 acts as a potential decrease in the rise.
EUR/USD Forecast December 26 — 30, 2022
An additional signal in favor of a decrease in the EUR/USD currency pair on Forex will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week December 26 — 30, 2022 will be a strong growth and a breakdown of the level of 1.1005. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1345. With the breakdown of the support area and the closing of quotes below the level of 1.0375, we should expect confirmation of the fall in the pair.
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: United States Pending Home Sales m/m, EIA United States Crude Oil Stocks Change.
EUR/USD Forecast December 26 — 30, 2022 suggests an attempt to develop a correction and test the resistance area near the level of 1.0735. Where should we expect the pair to continue falling in the Forex market to the area below the level of 0.9695. An additional signal in favor of the decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the Euro Dollar will be a strong growth and a breakdown of the level of 1.1005. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.1345.
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