Currency pair Euro Dollar EUR/USD completes the trading week near the 1.1304 area. The pair continues to move in the framework of 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 a downward correction and a test of the support area near the level of 1.1085. 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 1.2005.
EUR/USD Forecast and Analysis March 9 — 13, 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. The cancellation of the growth option for the Euro/Dollar pair quotes in the current trading week March 9 — 13, 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 the closing of quotations above the level of 1.1455, 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 have an impact on the EUR/USD rate, it is worth highlighting: European Union Employment Change q/q, EIA United States Crude Oil Stocks Change, European Central Bank (ECB) Interest Rate Decision, European Central Bank (ECB) Monetary Policy Press Conference.
EUR/USD Forecast and Analysis March 9 — 13, 2020 implies an attempt to test the support area near the level of 1.1085. Where can we expect continued growth of the pair in the region above the level of 1.2005. 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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