Currency pair Euro/Dollar EUR/USD continues to move as part of the fall and the beginning of the development of the ”Triangle” model. Moving averages indicate a short-term bearish trend for the pair. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the European currency and a potential continuation of the fall in quotations from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.2035. As part of the Forex forecast for February 3, 2021, we should expect an attempt to develop growth and test the resistance level, which is located on the pair near the area of 1.2075. 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 1.1885.
EUR/USD Forecast Euro Dollar February 3, 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 lower border of the ”Triangle” pattern. 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 1.2355. It is worth waiting for confirmation of a fall in the EUR/USD currency pair with the breakdown of the support area and closing prices below 1.2005.
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, ISM United States Non-Manufacturing Purchasing Managers Index (PMI), EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar February 3, 2021 suggests the development of a correction and a test of the resistance area near the level of 1.2075. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.1885. 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 1.2355.
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