The Euro Dollar currency pair ends the trading week with growth and the beginning of working out the “Triangle”. Moving averages indicate the presence of a short-term bearish trend for the EUR/USD pair. At the time of preparing the forecast, prices broke through the area between the signal ones up, which indicates pressure from buyers of the European currency and the potential continuation of the growth of US dollar quotations from current levels. As part of the Euro Dollar forecast for the week, we should expect an attempt to develop a price correction and a test of the support level, which is located on the EUR/USD pair near the 1.0825 mark. Next, the price rebound upwards and the continued growth of the Euro-Dollar currency pair. The potential target of such a move in FOREX is the area above the 1.1145 level.
EUR/USD forecast for the week of July 29 — August 2, 2024
An additional signal in favor of the development of the rise in the EUR/USD currency pair in the current trading week will be a rebound from the lower boundary of the bullish channel. The second signal in favor of this option will be a rebound from the bullish trend line on the relative strength indicator (RSI). The cancellation of the option for the growth of quotations of the Euro-Dollar currency pair will be a fall and a breakdown of the 1.0675 level. This will indicate a breakdown of the support area and a continuation of the fall to the area at 1.0445. It is worth waiting for confirmation of growth in the EUR/USD currency pair with a breakdown of the resistance level and a price close above the 1.1015 level, which will indicate a breakdown of the upper boundary of the Triangle model and the beginning of working out a pattern with goals at the top.
Thus, the EUR/USD forecast for the week of July 29 — August 2, 2024 suggests an attempt to develop a decline in the pair and test the support area near the level of 1.0825. From where it is worth considering the rebound in the price of the Euro-Dollar pair up and an attempt to continue the growth of the asset in the market to the area below the level of 1.1145. An additional signal in favor of the instrument’s rise in the Forex market will be a trend line test on the relative strength indicator (RSI). The cancellation of the EUR/USD pair growth option will be a drop in quotations and a breakdown of the 1.0675 level. This will indicate a breakdown of the support area and the continuation of the fall of the currency pair on Forex to the area below the level of 1.0445.
