Currency pair Euro/Dollar EUR/USD continues to move as part of the growth and the ascending channel. Moving averages indicate a short-term bullish trend for the pair. Prices went up from the area between the signal lines, which indicates pressure from buyers of the European currency and a potential continuation of growth from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.2293. As part of the Forex forecast for December 31, 2020, we should expect an attempt to develop a downward correction and a test of the support level near the 1.2255 area. Further, the rebound and the continuation of the rise of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.2365.
EUR/USD Forecast Euro Dollar December 31, 2020
An additional signal in favor of raising the EUR/USD quotes will be a test of the support 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 quotes of the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.2225. This will indicate a breakdown of the support area and continued fall into the area at the level of 1.2145. Expect confirmation of a rise in the EUR/USD currency pair with a breakdown of the resistance area and closing prices above 1.2325.
EUR/USD Forecast Euro Dollar December 31, 2020 assumes the development of a correction and a test of the support area near the level of 1.2255. Where can we expect a rebound and an attempt to continue the growth of the pair to the area above the level of 1.2365. A test of the trend line on the relative strength index (RSI) will be in favor of raising the currency pair. Cancellation of the growth option for the EUR/USD pair will be a fall in quotations and a breakdown of the level of 1.2225. This will indicate a breakdown of the support area and the continuation of the fall of the currency pair on Forex to the area below 1.2145.
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