Currency pair Euro Dollar EUR/USD continues to move as part of the decline. At the time of the publication of the forecast, the euro/dollar rate is 1.1409. The pair could not break through the upper limit of the downward channel. At the moment, we should expect an attempt to test the resistance level near the 1.1455 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 1.1280.
Euro Dollar forecast & EUR/USD analysis November 9, 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 upper boundary of the descending channel. Cancellation of the option to reduce the quotes of the Euro/Dollar will be a strong growth and the breakdown level of 1.1505. This will indicate a breakdown of the upper boundary of the channel and continued growth in the region at the level of 1.1620. Expect confirmation of a decline in the EUR/USD pair with the breakdown of the support area and closing below 1.1360.
Among the important news from Europe and America, which may have an impact on the EUR/USD pair, it is worth highlighting: Producer price index. A slight increase is expected, which may support the rate of the American currency.
Euro Dollar forecast & EUR/USD analysis November 9, 2018 implies an attempt to test the resistance area near the 1.1455 level. Where should we expect a rebound and an attempt to continue to reduce the pair to an area below 1.1280. 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 1.1505. This will indicate a breakdown of resistance and continued growth of the pair in the region above the level of 1.1620.