Currency pair Euro Dollar EUR/USD completes the trading week near the 1.1394 area. The pair continues to move within the bullish correction. Moving averages indicate a downward trend. At the moment, we should expect an attempt to continue growth and test the resistance area near the level of 1.1525. 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 1.1025.
EUR/USD Forecast and Analysis January 21 — 25, 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. As well as the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling quotations of the pair in the current trading week January 21 — 25, 2019, will be a strong growth and the breakdown level of 1.1750. 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 lower boundary of the ascending channel and the closing of quotes below the level of 1.1305, we should expect confirmation of the development of the downward trend 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: Publication of the ECB’s decision on the basic interest rate, Press Conference of the ECB, Change in the volume of orders for durable goods.
EUR/USD Forecast and Analysis January 21 — 25, 2019 implies an attempt to test the resistance area near the 1.1525 level. Where can we expect to continue the fall of the pair in the area below 1.1025. In favor of the fall will make a test trend line on the indicator of relative strength index (RSI). Cancellation of the option of reducing the euro/dollar will be a strong growth and the breakdown level of 1.1750. In this case, we can expect the pair to continue to grow with a potential goal at the level of 1.2050.
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