Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of a large reversal pattern ”Head and Shoulders”. Moving averages indicate a short-term bullish trend for the pair. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the European currency and a potential continuation of the growth of quotations already from current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.2078. As part of the Forex forecast for April 29, 2021, we should expect an attempt to develop a bullish correction and a test of the resistance level, which is located on the pair near the area of 1.2125. Further, a rebound down and the continuation of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.1425.
EUR/USD Forecast Euro Dollar April 29, 2021
An additional signal in favor of falling EUR/USD quotes will be a test of the downward trend line. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.2225. This will indicate a breakdown of the upper model and a continued rise to the area at the level of 1.2385. Expect confirmation of a fall in the EUR/USD currency pair with a breakdown of the support level and closing prices below 1.1755, which will indicate a breakdown of the “Neckline” of the “Head and Shoulders” reversal pattern.
Among the important news from Europe and the United States that may have an impact on the EUR/USD pair, it is worth highlighting: United States Gross Domestic Product (GDP) q/q, United States Pending Home Sales m/m.
EUR/USD Forecast Euro Dollar April 29, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.2125. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.1425. A test of the trend line on the relative strength index (RSI) will be in favor of the fall of the currency pair. Cancellation of the option to reduce the EUR/USD pair will be a strong growth in quotations and a breakdown of the level of 1.2225. This will indicate a breakdown of the resistance area and a continuation of the rise of the currency pair on Forex to the area above the level of 1.2385.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link