Currency pair Euro/Dollar EUR/USD continues to move as part of the growth and the ascending channel. Moving averages indicate a short-term bullish trend for the pair. Prices have moved far up from the area between the signal lines, which indicates pressure from buyers of the European currency and a potential continued growth of the European currency. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1610. As part of the Forex forecast for July 24, 2020, we should expect an attempt to continue growth and test the resistance level near the 1.1665 area. Further, the rebound and the continuation of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.1385.
EUR/USD Forecast Euro Dollar July 24, 2020
An additional signal in favor of reducing the EUR/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the resistance level on the price chart. Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown at the level of 1.1745. This will indicate a breakdown of the resistance area and continued growth in the area at 1.1925. It is worth waiting for confirmation of a decline in the EUR/USD currency pair with a breakdown of the support area and closing prices below 1.1365.
Among the important news from Europe and the USA, which may have an impact on the EUR/USD pair, it is worth highlighting: United States New Home Sales.
EUR/USD Forecast Euro Dollar July 24, 2020 assumes the development of a correction and a test of the resistance area near the level of 1.1665. Where can we expect a rebound and an attempt to continue to reduce the pair to an area below the level of 1.1385. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the option to reduce EUR/USD will be a strong growth and a breakdown of the level of 1.1745. This will indicate a breakdown of resistance and continued growth of the currency pair on Forex to the area above the level of 1.1925.
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