Currency pair Euro Dollar EUR/USD continues to move in the framework of the correction. At the time of the publication of the forecast, the euro/dollar rate is 1.1292. At the moment, we should expect an attempt to test the resistance level near the 1.1345 area. Where can we expect a rebound and the continuation of the decline of the Euro/Dollar with a potential goal below the level of 1.1105.
Euro Dollar forecast & EUR/USD analysis November 16, 2018
The test of the broken trend line on the relative strength index (RSI) will be in favor of the EUR/USD quotes drop. As well as a rebound from the lower boundary of the bullish channel. Cancellation of the option to reduce the quotes of the Euro/Dollar will be a strong growth and the breakdown of the level of 1.1420. This will indicate a breakdown of the upper boundary of the channel and continued growth in the region at the level of 1.1550. Expect confirmation of a decline in the EUR/USD pair with the breakdown of the support area and closing below 1.1220.
Among the important news from Europe and America, which may have an impact on the EUR/USD pair, it is worth highlighting: Speech by the ECB President Mario Draghi.
Euro Dollar forecast & EUR/USD analysis November 16, 2018 involves an attempt to test the resistance area near the level of 1.1345. Where should we expect a rebound and an attempt to continue to reduce the pair to the area below the level of 1.1105. In favor of the fall of the pair will make a test trend line on the indicator of relative strength index (RSI). Cancellation of the option to reduce EUR/USD will be a strong growth and the breakdown level of 1.1420. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1550.