The Euro/Dollar currency pair EUR/USD ends the trading week with a correction near the 1.0863 area. There is still potential for the formation of a “Head and Shoulders” reversal pattern. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, 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 1.0965. Where is the expected rebound downwards and the continuation of the fall of the Euro Dollar. A potential downward target is the area below the level of 1.0215.
EUR/USD Forecast January 29 — February 2, 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 channel. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week of January 29 — February 2, 2024 will be a strong growth and a breakdown of the level of 1.1265. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1545. With a breakdown of the support area and closing of quotes below the level of 1.0685, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets below.
EUR/USD Forecast January 29 — February 2, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the 1.0965 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 1.0215. 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 1.1265. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.1545.
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