The Euro/Dollar currency pair EUR/USD ends the trading week with a bullish correction near the 1.1072 area. There is still potential for the formation of a Double Top reversal pattern. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the European currency and a likely continuation of growth from current levels. At the moment, we should expect an attempt to develop a rise in the pair’s quotes and a test of the resistance area near the level of 1.1165. Where is the expected rebound downwards and the continuation of the fall of the Euro Dollar. A potential target for decline is the area below the level of 1.0375.
EUR/USD Forecast January 1 — 5, 2024
An additional signal in favor of a decline in the EUR/USD currency pair on Forex will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the bearish Double Top pattern. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week of January 1 — 5, 2024 will result in a strong growth and a breakdown of the level of 1.1375. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1795. With a breakdown of the support area and closing of quotes below the level of 1.0725, which will indicate a breakdown of the lower boundary of the Double Top reversal pattern and the beginning of the pattern with targets below.
EUR/USD Forecast January 1 — 5, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the 1.1165 level. Where can we expect a price rebound downwards and a continuation of the pair’s fall on the Forex market to the area below the level of 1.0375. An additional signal in favor of a decline will be a test of the resistance line on the relative strength indicator (RSI). Cancellation of the Euro/Dollar fall option will be a strong growth and a breakdown of the level of 1.1375. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.1795.
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