The Euro/Dollar currency pair EUR/USD continues to move within the framework of the growth development and the bullish channel. The moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal upwards, which indicates pressure from buyers of the European currency and a potential continuation of the growth of the asset pair quotes from the current levels. At the time of publication of the forecast, the Euro to Dollar exchange rate for today is 1.1054. Within the framework of the Forex forecast for August 20, 2024, we should expect an attempt to develop a price increase and a test of the resistance level, which is located on the EUR/USD pair near the 1.1085 area. Then, a downward price rebound and a continuation of the fall of the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area below the 1.0935 level.
EUR/USD forecast Euro Dollar for August 20, 2024
An additional signal in favor of the development of a bearish scenario on the EUR/USD currency pair tomorrow will be a rebound from the upper border of the “Wedge” reversal pattern. The second signal in favor of this option will be a rebound from the resistance line on the relative strength indicator RSI. The cancellation of the option of falling quotes for the Euro Dollar currency pair tomorrow will be a strong growth and a breakout of the 1.1125 level. This will indicate a breakout of the resistance area and continued growth to the area at the level of 1.1305. Confirmation of the fall in the EUR/USD currency pair should be expected with a breakout of the support level and a price close below the level of 1.1005, which will indicate a breakout of the lower border of the “Wedge” reversal pattern and the beginning of the pattern with targets below.
EUR/USD forecast Euro Dollar for August 20, 2024 suggests an attempt to develop growth for the pair and a test of the resistance area near the level of 1.1085. Where should we consider the rebound in the price of the Euro Dollar pair downwards and an attempt to continue the fall of the asset on the market to the area below the level of 1.0935. An additional signal in favor of the instrument’s decline on the Forex market will be a test of the trend line on the relative strength indicator (RSI). The cancellation of the EUR/USD pair’s fall option will be a strong increase in quotes and a breakout of the 1.1125 level. This will indicate a breakout of the resistance area and a continuation of the currency pair’s rise on Forex to the area above the 1.1305 level.
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