The Euro / Dollar currency pair starts the trading week with quotations of 1.2250. In the medium term, the quotes of the EUR / USD currency pair are in a rollback in relation to a multi-month upward trend. The trend line was broken in the first week of January. However, the bearish trend for the Eurodollar did not take place, the currency bounced off the strong support level of 1.2050.
EUR / USD quotes are inside the cloud of the Ichimoku indicator, which signals the uncertainty in the foreign exchange market. On the other hand, according to technical analysis, to confirm the completion of a long-term uptrend, it is necessary to test the resistance level of 1.2250. If the eurodollar quotes are unable to overcome the resistance level, this will signal that the uptrend is over, and long-term traders' positions will already be for sale on EUR / USD.
Support levels for the week 01/25/2021 - 01/29/2021 will be 1.2050 and 1.1980.
Thus, the forecast for the euro / dollar exchange rate for the week of January 25-29, 2021 assumes a short-term upward movement towards the resistance area of 1.2250.