Currency pair Euro Dollar EUR/USD completes the trading week near the 1.1164 area. The pair continues to move as part of the correction after strong growth. Prices have left the downward channel. Moving averages indicate a downward trend in the pair. However, prices broke through the area between the signal lines up, which indicates pressure from buyers of the European currency. At the moment, we should expect an attempt to develop correction and test the support area near the level of 1.1015. Where is the rebound expected and continued growth of the Euro/Dollar. The potential target of the rise is the area above the level of 1.2085.
EUR/USD Forecast and Analysis March 16 — 20, 2020
In favor of the growth of the EUR/USD currency pair at Forex, a test of the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the growth option for the Euro/Dollar pair quotes in the current trading week March 16 — 20, 2020 will be a fall and a breakdown of the level of 1.0825. This will indicate a breakdown of the support area and the continuation of the fall of the pair in the area below the level of 1.0565. With the breakdown of the resistance area and closing of quotes above the level of 1.1505, we should expect confirmation of the development of the upward movement 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: United States JOLTS Job Openings, Federal Reserve System (Fed) Interest Rate Decision, Press Conference of the Federal Open Market Committee (FOMC), United States Existing Home Sales.
EUR/USD Forecast and Analysis March 16 — 20, 2020 implies an attempt to test the support area near the level of 1.1015. Where can we expect continued growth of the pair in the region above the level of 1.2085. An additional signal in favor of the rise will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option Euro/Dollar will be a fall and a breakdown level of 1.0825. In this case, we should expect continued decline in the pair with a potential target at the level of 1.0565.
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