Currency pair Euro Dollar EUR/USD completes the trading week near the 1.1144 area. The pair continues to move within the correction and the bearish channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.1255. 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 1.0855.
EUR/USD Forecast and Analysis June 3 — 7, 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. The second signal may be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotations of the Euro/Dollar pair in the current trading week on J June 3 — 7, 2019. Strong growth and a breakdown of the level of 1.1345 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 1.1775. With a break of the uptrend trend on the relative strength indicator and the closure of quotes below 1.1085, we should expect confirmation of the development of the downward movement in the pair. This will cause the indicator values to go beyond the limits of the «Triangle» model and accelerate the fall.
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 mentioning: ISM United States Non-Manufacturing Purchasing Managers Index (PMI), European Union Employment Change q/q, European Central Bank (ECB) Interest Rate Decision, European Central Bank (ECB) Monetary Policy Press Conference, United States Nonfarm Payrolls.
EUR/USD Forecast and Analysis June 3 — 7, 2019 implies an attempt to test the resistance area near the 1.1255 level. Where can we expect to continue the fall of the pair in the area below 1.0855. A trend line test on the relative strength index (RSI) will be in favor of the fall. Cancellation of the option to reduce the euro/dollar will be a strong growth and the breakdown level of 1.1345. In this case, we should expect the pair to continue to grow with a potential target at the level of 1.1775.
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