Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.0673 and continues to move as part of growth and has left the descending channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the European currency and a likely continuation of growth already from current levels. At the moment, we should expect an attempt to develop a correction and test the support area near the level of 1.0545. Where is the expected rebound up and continued growth of the Euro Dollar. The potential upside target is the area above the level of 1.1445.
EUR/USD Forecast January 2 — 6, 2023
An additional signal in favor of the rise of the EUR/USD currency pair on Forex will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel, which was broken up by buyers. Cancellation of the growth option for the Euro/Dollar pair quotes in the current trading week January 2 — 6, 2023 will be a fall and a breakdown of the level of 1.0485. This will indicate a breakdown of the support area and a continuation of the fall of the pair to the area below the level of 0.9965. With the breakdown of the resistance area and the closing of quotes above the level of 1.0985.
Among the important news from America and Europe in the next trading week, which may have an impact on the EUR/USD rate, it is worth highlighting: ISM United States Manufacturing Purchasing Managers Index (PMI), United States Nonfarm Payrolls, ISM United States Non-Manufacturing Purchasing Managers Index (PMI).
EUR/USD Forecast January 2 — 6, 2023 suggests an attempt to develop a correction and test the support area near the level of 1.0545. Where should we expect the pair to continue to grow in the Forex market to the area above the level of 1.1445. An additional signal in favor of the rise will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for the Euro Dollar will be a fall and a breakdown of the level of 1.0485. In this case, we should expect the pair to continue to decline with a potential target at the level of 0.9965.
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