Currency pair Euro Dollar EUR/USD completes the trading week near the 1.1258 area. The pair continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to continue growth and test the resistance area near the 1.1385 level. 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 1.0785.
EUR/USD Forecast and Analysis July 15 — 19, 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 indicator will come out. The second signal may be a rebound from the upper boundary of the downward channel. Also, do not exclude the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week on July 15 — 19, 2019. Strong growth and a breakdown of the level of 1.1595 will become. 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 1.1895. With the breakdown of the lower boundary of the ascending channel and closing of quotes below the level of 1.1145, we should expect confirmation of the development of the 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: ZEW Germany Economic Sentiment Indicator, United States Retail Sales m/m, United States Building Permits.
EUR/USD Forecast and Analysis July 15 — 19, 2019 implies an attempt to test the resistance area near the 1.1385 level. Where can we expect to continue the fall of the pair in the area below the level of 1.0785. A trend line test on the relative strength indicator will be in favor of the fall. Cancellation of the option of reducing the euro dollar will be a strong growth and the breakdown level of 1.1595. In this case, we should expect the pair to continue to grow with a potential target at the level of 1.1895.