Currency pair Euro Dollar EUR/USD completes the trading week near the 1.1116 area. The pair continues to move in the framework of growth and a downward channel. Moving averages indicate a downward trend in the pair. The pair again repels from the area between the signal lines, which indicates pressure from the bears. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.1195. Where is the rebound expected and the continuation of the fall of the Euro/Dollar. The potential target of the rise is the area below the level of 1.0705.
EUR/USD Forecast and Analysis December 16 — 20, 2019
In favor of the fall of the EUR/USD currency pair at FOREX, a test of a downward trend line on the relative strength index (RSI) will be made. The second signal will 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 December 16 – 20, 2019, will be a strong growth and the breakdown level of 1.1455. This will indicate a breakdown of the resistance area and 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 1.1045, we should expect confirmation of the development of a downward movement in the pair.
Among the important news from America and Europe in the next trading week, which may have an impact on the EUR/USD rate, it is worth highlighting: Ifo Business Climate Index in Germany (Ifo Germany Business Climate), Sales in the secondary housing market in the USA (United States Existing Home Sales), United States Gross Domestic Product (GDP) q/q.
EUR/USD Forecast and Analysis December 16 — 20, 2019 implies an attempt to test the resistance area near the level of 1.1195. Where can we expect the pair to continue falling to the area below the level of 1.0705. An additional signal in favor of reducing will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option Euro/Dollar will be a strong growth and the breakdown level of 1.1455. In this case, we should expect the pair to continue to rise with a potential target at 1.1765.