The Euro/Dollar currency pair EUR/USD continues to move as part of the development of a correction and a bearish channel. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the European currency and a potential continuation of growth in quotes of the asset pair from current levels. At the time of publication of the forecast, the Euro to US Dollar exchange rate is 1.0817. As part of the Forex forecast for May 24, 2024, we should expect an attempt to develop price growth and a test of the resistance level, which is located on the EUR/USD pair near the 1.0860 area. Further, prices will rebound downwards and the Euro/Dollar currency pair will continue to fall. The potential target of such a movement on FOREX is the area below the level of 1.0655.
EUR/USD forecast Euro Dollar for May 24, 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 boundary of the downward channel. The second signal in favor of this option will be a rebound from the resistance line on the relative strength indicator (RSI). Cancellation of the option of falling quotes for the Euro/Dollar currency pair tomorrow will be a strong growth and a breakdown of the level of 1.0965. This will indicate a breakdown of the resistance area and continued growth to the area at 1.1185. Expect confirmation of a fall in the EUR/USD currency pair with a breakdown of the support level and closing of the price below the level of 1.0765, which will indicate a breakdown of the lower boundary of the bullish channel.
EUR/USD forecast Euro Dollar for May 24, 2024 suggests an attempt to develop growth in the pair and test the resistance area near the level of 1.0860. Where should we consider a rebound in the price of the Euro/Dollar pair upward and an attempt to continue the decline of the asset in the market to the area below the level of 1.0655. An additional signal in favor of reducing the instrument in the Forex market will be a test of the trend line on the relative strength indicator (RSI). Cancellation of the option for the fall of the EUR/USD pair will be a strong increase in quotes and a breakdown of the level of 1.0965. This will indicate a breakdown of the resistance area and a continued rise of the currency pair on Forex to the area above the level of 1.1185.
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