Currency pair Euro Dollar EUR/USD ends the trading week near the 1.1243 area. The pair continues to move within the decline and the downward 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 1.1275. 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 1.0815.
EUR/USD Forecast and Analysis May 13 — 17, 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 bearish channel. Cancellation of the option of falling quotations of the Euro/Dollar pair in the current trading week on May 13 — 17, 2019. Strong growth and a breakdown of the level of 1.1460 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 1.1855. With the breakdown of the support area and closing of quotes below the level of 1.1085, we should expect confirmation of the development of a downtrend 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: ZEW Germany Economic Sentiment Indicator in Germany, European Union Employment Change q/q, United States Retail Sales m/m, United States Building Permits.
EUR/USD Forecast and Analysis May 13 — 17, 2019 implies an attempt to test the resistance area near the level of 1.1275. Where can we expect to continue the fall of the pair in the area below 1.0815. A trend line test on the relative strength index (RSI) will be in favor of the fall. Cancellation of the option of reducing the euro dollar will be a strong increase and the breakdown level of 1.1460. In this case, we should expect the pair to continue to grow with a potential target at the level of 1.1855.