The Euro/Dollar currency pair EUR/USD ends the trading week with growth near the 1.0840 area. Moving averages indicate a bearish trend for the pair. 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. As part of the Euro exchange rate forecast for the trading week, we should expect an attempt to develop the quotes of the EUR/USD pair and a test of the resistance area near the level of 1.0935. Where is the expected rebound downward and continued fall of the Euro/Dollar currency pair in the current trading week. A potential target for decline is the area below the level of 1.0345.
EUR/USD Forecast May 20 — 24, 2024
An additional signal in favor of a rise in the EUR/USD 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 lower border of the bullish channel. Cancellation of the option to reduce the quotes of the Euro/Dollar pair in the current trading week of May 20 — 24, 2024 will result in strong growth and a breakdown of the level of 1.1205. This will indicate a breakdown of the upper boundary of the bearish channel and continued growth of the pair to the area above the level of 1.1465. With the breakdown of the support area and closing of quotes below the level of 1.0605, we should expect confirmation of a decline in the pair’s quotes.
EUR/USD Forecast May 20 — 24, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the 1.0935 level. Where can we expect a price rebound downwards and a continuation of the pair’s fall on the Forex market to the area above the level of 1.0345. 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 1.1205. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.1465.
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