Currency pair Euro/Dollar EUR/USD continues to move as part of a strong bullish correction and a downward channel. Moving averages indicate a short-term bearish trend for the pair. However, prices have broken 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 from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.2103. As part of the Forex forecast for February 10, 2021, we should expect an attempt to develop growth and test the resistance level, which is located on the pair near the area of 1.2120. Further, the rebound 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 1.1895.
EUR/USD Forecast Euro Dollar February 10, 2021
An additional signal in favor of reducing the EUR/USD quotes will be a test of the downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce the quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.2155. This will indicate a breakdown of the resistance area and a continued rise to the area at 1.2295. Expect confirmation of a fall in the EUR/USD currency pair with the breakdown of the support area and closing prices below 1.2045, which will also indicate a breakdown of the lower border of the ascending channel.
Among the important news from Europe and the United States that may have an impact on the EUR/USD pair, it is worth highlighting: EIA United States Crude Oil Stocks Change, Federal Reserve System (Fed) Chair Powell Speech.
EUR/USD Forecast Euro Dollar February 10, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.2120. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.1895. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the EUR/USD pair fall option will be a strong growth in quotations and a breakdown of the level of 1.2155. This will indicate a breakdown of the resistance area and a continued rise in the currency pair on Forex to the area above the level of 1.2295.
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