The Euro/Dollar currency pair EUR/USD ends the trading week with a slight increase as part of the beginning of the development of the bullish “Wolfe Wave” model. Moving averages indicate a bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the European currency and a likely continuation of the fall from current levels. As part of the Euro exchange rate forecast for the trading week, we should expect an attempt to develop a decline in the quotes of the EUR/USD pair and a test of the support area near the level of 1.0615. Where is the expected rebound upward and continued rise of the Euro/Dollar currency pair in the current trading week. A potential growth target is the area above the level of 1.1175.
EUR/USD Forecast May 6 — 10, 2024
An additional signal in favor of a rise in the EUR/USD pair on Forex will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower boundary of the bullish Wolfe Wave pattern. Cancellation of the option to increase the quotes of the Euro/Dollar pair in the current trading week of May 6 — 10, 2024 will be a fall and a breakdown of the level of 1.0405. This will indicate a breakdown of the lower boundary of the “Wolfe Wave” model and a continued fall of the pair to the area below the level of 1.0165. With the breakdown of the resistance area and closing of quotes above the level of 1.0845, we should expect confirmation of an increase in the pair’s quotes.
EUR/USD Forecast May 6 — 10, 2024 assumes an attempt to develop a bearish correction and test the support area near the level of 1.0615. Where can we expect a rebound in price and continued growth of the pair on the Forex market to the area above the level of 1.1175. An additional signal in favor of an increase will be a test of the resistance line on the relative strength indicator (RSI). Cancellation of the growth option for the Euro/Dollar will be a fall and a breakdown of the level of 1.0405. In this case, we should expect the pair to continue to decline with a potential target at 1.0165.
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