Currency pair Euro Dollar EUR/USD ends the trading week near the 1.1146 area. The pair continues to move within the fall and the bearish channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.1245. Where is expected to rebound and the continuation of the fall of the euro/dollar. The potential target of the decline is the area below 1.0655.
EUR/USD Forecast and Analysis April 29 — May 3, 2019
The test of the broken trend line on the relative strength index (RSI) will be in favor of the EUR/USD currency pair falling at FOREX. The second signal may be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week on April 29 — May 3, 2019. Strong growth and a breakdown of the level of 1.1445 will become. This will indicate a breakdown of the upper boundary of the downward channel and the continued growth of the pair in the area above the level of 1.1765. With the breakdown of the support area and closing of quotes below the level of 1.1085, we should expect confirmation of the development of a downtrend in the pair.
Among the important news from America and Europe in the next trading week that may affect the EUR/USD rate, it is worth highlighting: United States Pending Home Sales m/m, The Conference Board of the United States Consumer Confidence Index, Federal Reserve System (Fed) Interest Rate Decision, Federal Open Market Committee (FOMC) Press Conference, ADP United States Nonfarm Employment Change.
EUR/USD Forecast and Analysis April 29 — May 3, 2019 implies an attempt to test the resistance area near the level of 1.1245. Where can we expect to continue the fall of the pair in the area below the level of 1.0655. A trend line test on the relative strength index (RSI) will be in favor of the fall. Cancellation of the option to reduce the euro dollar will be a strong growth and the breakdown level of 1.1445. In this case, we should expect the pair to continue to grow with a potential target at the level of 1.1765.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
