The Euro/Dollar currency pair EUR/USD continues to move as part of the development of growth and a bullish channel. Moving averages indicate a short-term bearish 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 1.0767. As part of the Forex forecast for May 7, 2024, we should expect an attempt to develop a bearish price correction and a test of the support level, which is located on the EUR/USD pair near the 1.0705 area. Further, prices will rebound upward and continue to grow in the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.0955.
EUR/USD forecast Euro Dollar for May 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 boundary 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). Cancellation of the option to increase the quotes of the Euro/Dollar currency pair tomorrow will be a fall and a breakdown of the level of 1.0635. This will indicate a breakdown of the support area and a continuation of the fall to the area at 1.0465. Expect confirmation of growth in the EUR/USD currency pair with a breakdown of the resistance level and closing of the price below the level of 1.0905, which will indicate a breakdown of the upper boundary of the downward channel.
EUR/USD forecast Euro Dollar for May 7, 2024 suggests an attempt to develop a decline in the pair and test the support area near the level of 1.0705. Where should we consider a rebound in the price of the Euro/Dollar pair and an attempt to continue the growth of the asset in the market to the area above the level of 1.0955. An additional signal in favor of a rise in the instrument on the Forex market will be a test of the trend line on the relative strength indicator (RSI). Cancellation of the growth option for the EUR/USD pair will be a fall in quotes and a breakdown of the level of 1.0635. This will indicate a breakdown of the support area and a continued decline of the currency pair on Forex to the area below the level of 1.0465.
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