Currency pair Euro/Dollar EUR/USD continues to move as part of the growth and completion of the formation of the inverted “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bullish 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 the publication of the forecast, the Euro/US Dollar rate is 1.2150. As part of the Forex forecast for February 24, 2021, we should expect an attempt to develop a fall and a test of the support level, which is located on the pair near the area of 1.2105. Further, a rebound and continued growth of the Euro/Dollar currency pair. A potential target of such a movement on FOREX is the area above the level of 1.2335.
EUR/USD Forecast Euro Dollar February 24, 2021
An additional signal in favor of raising the EUR/USD quotes will be a test of the upper border of the descending channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the growth option for the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.1995. This will indicate a breakdown of the support area and a continuation of the fall into the area at the level of 1.1765. Expect confirmation of a rise in the EUR/USD currency pair with a breakdown of the resistance level and closing prices above 1.2215.
Among the important news from Europe and the USA, which may have an impact on the EUR/USD pair, it is worth highlighting: Germany Gross Domestic Product (GDP) q/q, New Home Sales in the USA (United States New Home Sales), EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar February 24, 2021 assumes the development of a correction and a test of the support area near the level of 1.2105. Where can we expect a rebound and an attempt to continue the growth of the pair to the area above the level of 1.2335. 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 1.1995. 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 the level of 1.1765.
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