The currency pair Euro to US Dollar (EUR/USD) continues to move within the framework of a bearish correction and a bullish channel. The moving averages indicate the presence of a short-term bullish trend for the pair. Prices are once again testing the area between the signal lines, indicating pressure from buyers of the European currency and the potential continuation of the price increase from current levels. At the time of the forecast publication, the exchange rate of the Euro against the US Dollar is 1.0912. Within the Forex forecast for June 22, 2023, we can expect an attempt to continue the price increase and test the resistance level located around the 1.0975 area. Subsequently, there may be a downward price rebound and the start of a decline in the Euro to Dollar currency pair. The potential target for such a movement on FOREX is an area below the 1.0685 level.
EUR/USD forecast Euro Dollar for June 22, 2023
An additional signal in favor of a decline in EUR/USD quotes tomorrow would be a rebound from the upper boundary of the bearish channel. The second signal in favor of this scenario would be a rejection from the resistance line on the relative strength indicator (RSI). The cancellation of the downward scenario for the Euro to Dollar currency pair would occur with a strong rise and a breakthrough of the 1.1045 level. This would indicate a breakthrough of the resistance area and a continuation of the rise towards the 1.1275 level. Confirmation of the decline in the EUR/USD currency pair should be expected with a breakthrough of the support level and the closure of the price below the 1.0845 level, indicating a breakthrough of the lower boundary of the bullish channel.
EUR/USD forecast Euro Dollar for June 22, 2023 suggests an attempt to develop a bullish correction for the pair and test the resistance area near the 1.0975 level. From there, we can expect a price rebound downwards and an attempt of the currency pair to decline in the market towards an area below the 1.0685 level. An additional signal in favor of a decline in the instrument on the Forex market would be a test of the trendline on the relative strength indicator (RSI). The cancellation of the downward scenario for the EUR/USD pair would occur with a strong rise in quotes and a breakthrough of the 1.1045 level. This would indicate a breakthrough of the resistance area and a continuation of the rise in the currency pair on Forex towards an area above the 1.1275 level.
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