Currency pair Euro/Dollar EUR/USD continues to move as part of the fall. There is potential for a Head and Shoulders reversal pattern to form. Moving averages indicate a short-term bullish trend for the pair. Prices are testing the area between the signal lines, 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 1.2109. As part of the Forex forecast for February 17, 2021, we should expect an attempt to develop growth and a test of the resistance level, which is located on the pair near the 1.2150 area. 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.
EUR/USD Forecast Euro Dollar February 17, 2021
An additional signal in favor of falling EUR/USD quotes will be a test of the upper boundary of the “Head and Shoulders” model. The second signal will be a rebound from the resistance line on the relative strength index (RSI). 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 1.2435. Expect confirmation of a fall in the EUR/USD currency pair with a rebound from the resistance level and closing prices below 1.2075.
Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: United States Retail Sales m/m.
EUR/USD Forecast Euro Dollar February 17, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.2150. 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 1.2435.
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