The Euro/Dollar currency pair EUR/USD continues to move within the development of a fall and a descending channel. The moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the European currency and a potential continuation of the fall in 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 1.0820. As part of the Forex forecast for October 23, 2024, we should expect an attempt to develop a bullish price correction and a test of the resistance level, which is located on the EUR/USD pair near the 1.0835 area. Next, a downward price rebound and a continuation of the fall of the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area below the 1.0735 level.
EUR/USD forecast Euro Dollar for October 23, 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 border of the descending channel. The second signal in favor of this option will be a rebound from the resistance line on the relative strength indicator RSI. The cancellation of the option of a decrease in quotes for the Euro Dollar currency pair tomorrow will be a strong growth and a breakout of the level of 1.0895. This will indicate a breakout of the resistance area and continued growth in the area at the level of 1.1175. Confirmation of the fall in the EUR/USD currency pair should be expected with a breakout of the support level and closing of the price below the level of 1.0785.
EUR/USD forecast Euro Dollar for October 23, 2024 suggests an attempt to develop the pair’s growth and a test of the resistance area near the level of 1.0835. From where it is worth considering the rebound in the price of the Euro Dollar pair downwards and an attempt to continue the asset’s fall on the market to the area above the level of 1.0735. An additional signal in favor of the instrument’s decline on the Forex market will be a test of the trend line on the relative strength indicator (RSI). The cancellation of the EUR/USD pair’s fall option will be a strong increase in quotes and a breakout of the level of 1.0895. This will indicate a breakout of the resistance area and continued growth of the currency pair on Forex to the area below the level of 1.1175.
