Currency pair Euro/Dollar EUR/USD continues to move as part of a strong bullish correction and a bearish channel. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the European currency and a potential continuation of the fall in asset quotes already from current levels. At the time of the publication of the forecast, the EUR/USD exchange rate is 1.1264. As part of the Forex forecast for February 2, 2022, we should expect an attempt to develop a rise in prices and a test of the resistance level, which is located on the pair near the area of 1.1295. 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 1.0975.
EUR/USD Forecast Euro Dollar February 2, 2022
An additional signal in favor of falling EUR/USD quotes will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the option of falling quotes of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.1365. This will indicate a breakdown of resistance and a continuation of the rise to the area at the level of 1.1545. It is worth waiting for confirmation of the fall in the EUR/USD currency pair with a breakdown of the support level and closing the price below the level of 1.1235, which will indicate a breakdown of the lower border of the downward 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: ADP United States Nonfarm Employment Change in the US non-farm sector, EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar February 2, 2022 suggests an attempt to develop a bullish correction and test the resistance area near the level of 1.1295. Where should we consider a price rebound down and an attempt to continue the fall of the currency pair in the market to the area below the level of 1.0975. A test of the descending trend line on the relative strength index (RSI) will come out in favor of the instrument’s decline in the Forex market. Cancellation of the EUR/USD pair fall option will be a strong growth of quotes and a breakdown of the level of 1.1365. 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 1.1545.
