Currency pair Euro Dollar EUR/USD completes the trading week near the 1.1226 area. The pair continues to move as part of the correction and the formation of the «Triangle» model. Moving averages indicate the presence of a flat trend for the pair. Prices pierced the area between the signal lines up, which indicates pressure from buyers of the European currency and the likely continuation of the bullish correction. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 1.1395. Where is the rebound expected and the continuation of the fall of the Euro/Dollar. The potential target of the rise is the area below the level of 1.0815.
EUR/USD Forecast and Analysis July 6 — 10, 2020
In favor of the fall of the EUR/USD currency pair on FOREX, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the «Triangle» model. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week July 6 — 10, 2020 will be a strong growth and the breakdown level of 1.1535. This will indicate a breakdown of the resistance area and continued growth of the pair in the area above the level of 1.1975. With the breakdown of the support area and closing of quotes below the level of 1.1035, we should expect confirmation of the development of the bearish movement in the pair and the beginning of the Triangle model developments.
Among the important news from America and Europe in the next trading week that may have an impact on the EUR/USD rate, it is worth highlighting: ISM United States Non-Manufacturing Purchasing Managers Index (PMI), United States JOLTS Job Openings, EIA United States Crude Oil Stocks Change.
EUR/USD Forecast and Analysis July 6 — 10, 2020 suggests an attempt to test the resistance area near the level of 1.1395. Where can we expect the pair to continue falling to the area below the level of 1.0815. An additional signal in favor of reducing will be the test of the resistance line on the relative strength index (RSI). Cancellation of the option of falling Euro/Dollar will be a strong growth and the breakdown level of 1.1535. In this case, we should expect continued growth of the pair with a potential target at 1.1975.
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