The Euro/Dollar currency pair EUR/USD continues to move within the framework of the development of the fall and the development of the Double Top reversal pattern. 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 1.0900. Within the framework of the Forex forecast for October 16, 2024, we should expect an attempt to develop price growth and a test of the resistance level, which is located on the EUR/USD pair near the 1.0965 area. Next, a downward rebound in prices and a continuation of the fall of the Euro Dollar currency pair. The potential target of such a movement on FOREX is the area below the 1.0725 level.
EUR/USD forecast Euro Dollar for October 16, 2024
An additional signal in favor of the development of a bearish 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 resistance line on the relative strength indicator RSI. The cancellation of the option of falling quotes for the Euro Dollar currency pair tomorrow will be strong growth and a breakout of the 1.1065 level. This will indicate a breakout of the resistance area and continued growth to the area at 1.1285. Confirmation of the fall in the EUR/USD currency pair should be expected with a breakout of the support level and closing of the price below 1.0865.
EUR/USD forecast Euro Dollar for October 16, 2024 suggests an attempt to develop the growth of the pair and a test of the resistance area near the 1.0965 level. Where should we consider the rebound in the price of the Euro Dollar pair upward and an attempt to continue the fall of the asset on the market to the area below the 1.0725 level. An additional signal in favor of the instrument’s decline on the Forex market will be a test of the trend line on the relative strength indicator (RSI). The cancellation of the EUR/USD pair’s fall option will be a strong growth in quotes and a breakout of the 1.1065 level. This will indicate a breakout of the resistance area and continued growth of the currency pair on Forex to the area above the 1.1285 level.
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