Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1047. The pair continues to move within the correction and the downward channel. There is also potential for completing the formation of the «Head and Shoulders» reversal pattern. The pair again repels from the area between the signal lines, which indicates pressure from the bears. Moving averages indicate a downward trend in the pair. At the moment, we should expect an attempt to reduce and test the support area near the level of 1.1005. Where is the rebound expected and continued growth of the Euro/Dollar. The potential target of the rise is the area above the level of 1.1655.
EUR/USD Forecast and Analysis December 9 — 13, 2019
In favor of the growth of the EUR/USD currency pair at Forex, a test of the ascending trend line on the relative strength index (RSI) will come out. The second signal may be the completion of the formation of the reversal model of the inverted «Head and Shoulders». The cancellation of the growth option for the Euro/Dollar pair quotes in the current trading week December 9 — 13, 2019 will be a fall and a breakdown of the level of 1.0845. This will indicate a breakdown of the support area and the continuation of the fall of the pair in the area below the level of 1.0405. With the breakdown of the upper boundary of the downward channel and the closing of quotations above the level of 1.1245, we should expect confirmation of the development of bullish movement in the pair.
Among the important news from America and Europe in the next trading week, which may affect the EUR/USD rate, it is worth highlighting: Federal Reserve System (Fed) Interest Rate Decision, Press conference Federal Open Market Committee (FOMC) Press Conference, European Central Bank (ECB) Interest Rate Decision, Press Conference of the European Central Bank (ECB), United States Retail Sales m/m.
EUR/USD Forecast and Analysis December 9 — 13, 2019 implies an attempt to test the support area near the level of 1.1005. Where can we expect continued growth of the pair in the region above the level of 1.1655. An additional signal in favor of growth will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for the euro dollar will be a fall and a breakdown level of 1.0845. In this case, we should expect continued decline in the pair with a potential target at 1.0405.
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