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 bounced back 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. As you can see, buyers are not ready to stop yet. At the time of the publication of the forecast, the EUR/USD rate is 1.1785. As part of the Forex forecast for July 31, 2020, we should expect an attempt to continue the downward correction and test the support level near the 1.1595 area. Further, a rebound and continued growth of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.2005.
EUR/USD Forecast Euro Dollar July 31, 2020
An additional signal in favor of raising 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 lower border of the ascending channel. Cancellation of the growth option for the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.1555. This will indicate a breakdown of the lower border of the ascending channel and a continuation of the fall to the area at the level of 1.1345. Expect confirmation of growth in the EUR/USD currency pair with the breakdown of the resistance area and closing prices above the level of 1.1855.
Among the important news from Europe and the United States that may have an impact on the EUR/USD pair, it is worth highlighting: France Gross Domestic Product (GDP) q/q, European Union Gross Domestic Product (GDP) q/q.
EUR/USD Forecast Euro Dollar July 31, 2020 assumes the development of a correction and a test of the support area near the level of 1.1595. Where can we expect a rebound and an attempt to continue the growth of the pair to the area above the level of 1.2005. A test of the trend line on the relative strength index (RSI) will be in favor of raising the currency pair. Cancellation of the EUR/USD growth option will be a fall and a breakdown of the level of 1.1555. This will indicate a breakdown of support and a continuation of the fall of the currency pair on Forex to the area below the level of 1.1345.
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