Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.0964. The pair continues to move within a strong bullish correction and a downward channel. Moving averages indicate a downward trend in the pair. The pair returned to the area between the signal lines, which indicates pressure from buyers of the European currency, however, the risks of falling still remain. At the moment, we should expect an attempt to develop a slight correction and test the resistance area near the level of 1.1095. 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 1.0580.
EUR/USD Forecast and Analysis March 2 — 6, 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 downward channel. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week March 2 — 6, 2020, will be a strong growth and the breakdown level of 1.1225. This will indicate a breakdown of the resistance area and continued growth of the pair in the area above the level of 1.1575. With the breakdown of the support area and closing of quotes below 1.0845, we should expect confirmation of the development of a downward movement in the pair.
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 Manufacturing Purchasing Managers Index (PMI), EIA United States Crude Oil Stocks Change, United States Nonfarm Payrolls.
EUR/USD Forecast and Analysis March 2 — 6, 2020 suggests an attempt to test the resistance area near the level of 1.1095. Where can we expect the pair to continue to fall to the area below the level of 1.0580. An additional signal in favor of reducing will be the test of the resistance line on the relative strength index (RSI). Cancellation of the fall option Euro/Dollar will be a strong growth and the breakdown level of 1.1225. In this case, we should expect the pair to continue to rise with a potential target at 1.1575.
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