Currency pair Euro Dollar EUR/USD ends the trading week near the 1.1471 area. The pair continues to move within the upward correction. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to continue growth and test the resistance area near the level of 1.1555. 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 the level of 1.1045.
EUR/USD Forecast and Analysis February 4 — 8, 2019
In favor of the fall of the EUR/USD currency pair at FOREX, a test of the downward trend line on the relative strength index (RSI) will come out. Cancellation of the option of falling quotations of the pair in the current trading week on February 4 — 8, 2019, will be a strong growth and the breakdown of the level of 1.1705. 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 1.2050. With the breakdown of the support area and the closing of quotes below the level of 1.1285, 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, which may have an impact on the EUR/USD rate, it is worth highlighting: ISM composite index for the non-manufacturing sector.
EUR/USD Forecast and Analysis February 4 — 8, 2019 implies an attempt to test the resistance area near the level of 1.1555. Where can we expect to continue the fall of the pair in the area below the level of 1.1045. In favor of the fall will make a test trend line on the indicator of relative strength index (RSI). Cancellation of the option to reduce the euro/dollar will be a strong increase and the breakdown level of 1.1705. In this case, we can expect the pair to continue to grow with a potential goal at the level of 1.2050.