Currency pair Euro/Dollar EUR/USD continues to move as part of the growth. There is potential for an inverted “Head and Shoulders” pattern to form. Moving averages indicate a short-term bearish 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 the current levels. At the time of publication of the forecast, the Euro/US Dollar rate is 1.2103. As part of the Forex forecast for February 11, 2021, we should expect an attempt to develop growth and test the resistance level, which is located on the pair near the area of 1.2145. 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 1.2025, after which the beginning of the rise can be considered.
EUR/USD Forecast Euro Dollar February 11, 2021
An additional signal in favor of falling EUR/USD quotes will be a test of the main pattern “Head and Shoulders”. The second signal will be a rebound from the resistance area. Cancellation of the option to reduce the quotes of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.2205. This will indicate a breakdown of the resistance area and a continued rise to the area at 1.2405. Expect confirmation of a fall in the EUR/USD currency pair with a rebound from the resistance level and closing prices below 1.2095.
Important news from Europe and the USA, which may have an impact on the EUR/USD pair, is not expected, so the pair will continue to move as part of the technical analysis.
EUR/USD Forecast Euro Dollar February 11, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.2145. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.2025. 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 1.2205. 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 1.2365.
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