Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1326. The pair continues to move in decline. 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 1.1505. 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 1.0935.
EUR/USD Forecast and Analysis January 28 — February 1, 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 January 28 — February 1, 2019, will be a strong growth and the breakdown of the level of 1.1725. 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 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 affect the EUR/USD rate, it is worth highlighting: Consumer confidence indicator, Change in GDP volume for the quarter, FOMC decision on basic interest rate, FOMC accompanying statement, Unemployment rate, Change employment in the non-agricultural sector.
EUR/USD Forecast and Analysis January 28 — February 1, 2019 implies an attempt to test the resistance area near the level of 1.1505. Where can we expect to continue the fall of the pair in the area below the level of 1.0935. 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 growth and the breakdown level of 1.1725. In this case, we can expect the pair to continue to grow with a potential goal at the level of 1.2050.