The Euro/Dollar currency pair EUR/USD continues to move within the development of a bullish correction and a descending channel. The moving averages indicate the presence of a short-term 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 potential continuation of the fall in the asset pair quotes from the current levels. At the time of publication of the forecast, the Euro to Dollar exchange rate for today is 1.0896. As part of the Forex forecast for November 8, 2024, we should expect an attempt to develop a bearish price correction and a test of the support level, which is located on the EUR/USD pair near the 1.0695 area. Next, an upward price rebound and the beginning of growth of the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area above the 1.0975 level.
EUR/USD forecast Euro Dollar for November 8, 2024
An additional signal in favor of the development of a bullish scenario on the EUR/USD currency pair tomorrow will be a rebound from the lower border of the “Double Bottom” reversal pattern. 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 growth option for the Euro Dollar currency pair tomorrow will be a fall and a breakout of the 1.0625 level. This will indicate a breakout of the support area and a continuation of the fall to the area at 1.0465. Confirmation of growth for the EUR/USD currency pair should be expected with a breakout of the resistance level and a price close above 1.0885, which will indicate a breakout of the upper border of the descending channel.
EUR/USD forecast Euro Dollar for November 8, 2024 suggests an attempt to develop a decline in the pair and a test of the support area near the 1.0695 level. Where should we consider the rebound in the price of the Euro Dollar pair upward and an attempt to continue the growth of the asset on the market to the area above the 1.0975 level. An additional signal in favor of the instrument’s rise on the Forex market will be a test of the broken trend line on the relative strength indicator (RSI). The EUR/USD growth option will be cancelled if the quotes fall and the level of 1.0625 is broken. This will indicate a breakout of the support area and a continuation of the currency pair’s decline on Forex to the area below the level of 1.0465.
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