The Euro/Dollar currency pair EUR/USD continues to move within the development of the correction 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 lines 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 1.0909. Within the framework of the Forex forecast for August 7, 2024, we should expect an attempt to develop a slight price drop and a test of the support level, which is located on the EUR/USD pair near the 1.0855 area. Next, an upward price rebound and continued growth of the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area above the 1.1085 level.
EUR/USD forecast Euro Dollar for August 7, 2024
An additional signal in favor of the development of a bullish scenario on the EUR/USD currency pair tomorrow will be a rebound from the lower border of the bullish channel. The second signal in favor of this option will be a rebound from the support line on the relative strength indicator RSI. The cancellation of the growth option for the Euro Dollar currency pair tomorrow will be a fall and a breakout of the 1.0795 level. This will indicate a breakout of the support area and a continuation of the fall to the area at the level of 1.0545. It is worth expecting confirmation of growth for the EUR/USD currency pair with a breakout of the resistance level and a price close above the level of 1.1005, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
EUR/USD forecast Euro Dollar for August 7, 2024 suggests an attempt to develop a decline in the pair and a test of the support area near the level of 1.0855. From where it is worth considering a rebound in the price of the Euro Dollar pair upward and an attempt to continue the growth of the asset on the market to the area below the level of 1.1085. An additional signal in favor of raising the instrument on the Forex market will be a test of the trend line on the relative strength indicator (RSI). The EUR/USD growth scenario will be cancelled if the quotes fall and the 1.0795 level is broken. This will indicate a breakout of the support area and a continuation of the fall of the currency pair on Forex to the area below the 1.0545 level.
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