The currency pair Euro Dollar (EUR/USD) continues to move within an uptrend and a bullish channel. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken above the area between the signal lines, indicating buying pressure on the Euro and the potential continuation of the upward movement from current levels. At the time of this forecast, the Euro to US Dollar exchange rate stands at 1.0917. In the Forex forecast for June 21, 2023, we can expect an attempt to continue the upward price development and test the resistance level near the 1.0955 area. Afterward, there might be a price bounce downwards and the beginning of a decline in the Euro Dollar currency pair. The potential target for such a movement in FOREX is below the 1.0695 level.
EUR/USD forecast Euro Dollar for June 21, 2023
An additional signal favoring a decline in EUR/USD quotes tomorrow would be a bounce off the upper boundary of the bearish channel. A second signal in favor of this scenario would be a rebound from the resistance line on the Relative Strength Index (RSI) indicator. The scenario of a decline in the Euro Dollar currency pair would be invalidated by a strong rise and a breakthrough above the 1.1045 level, indicating a breakout of the resistance area and further growth towards the 1.1275 level. To confirm the downward trend in the EUR/USD currency pair, we should look for a breakthrough of the support level and a closing price below the 1.0845 level, indicating a breakout of the lower boundary of the bullish correction channel.
EUR/USD forecast Euro Dollar for June 21, 2023 suggests an attempt to develop a bullish correction in the pair and test the resistance area near the 1.0955 level. From there, we can expect a price bounce downwards and an attempt of the currency pair to decline to the area below the 1.0695 level in the market. An additional signal favoring a decline in the instrument in the Forex market would be a test of the trend line on the Relative Strength Index (RSI) indicator. The scenario of a decline in the EUR/USD pair would be invalidated by a strong rise in quotes and a breakthrough above the 1.1045 level, indicating a breakout of the resistance area and further growth in the currency pair on Forex towards the area above the 1.1275 level.
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