Currency pair Euro Dollar EUR/USD ends the trading week near the 1.1644 area. The pair continues to move within the fall. Moving averages indicate a bullish trend for the pair. Prices returned to the test of the area between the signal lines again, which indicates pressure from buyers of the European currency and the likely continuation of growth from the current levels. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 1.1830. Where is the rebound and the continuation of the fall of the Euro/Dollar expected. The potential target of the rise is the area below the level of 1.1055.
EUR/USD Forecast and Analysis November 2 — 6, 2020
An additional signal in favor of the fall of the EUR/USD currency pair on Forex will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option of falling quotations of the Euro/Dollar pair in the current trading week on November 2 — 6, 2020 will be a strong growth and a breakdown of the level of 1.2035. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.2295. With the breakdown of the support area and closing of quotations below the level of 1.1585, which will indicate the completion of the formation of the “Double Top” reversal pattern.
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: ADP United States Nonfarm Employment Change (ADP), Purchasing Managers Index in the non-manufacturing sector United States from ISM United States Non-Manufacturing Purchasing Managers Index (PMI), Federal Reserve System (Fed) Interest Rate Decision, Press Conference of the Federal Committee on Open Market Operations (Federal Open Market Committee (FOMC) Press Conference), United States Nonfarm Payrolls.
EUR/USD Forecast and Analysis November 2 — 6, 2020 suggests an attempt to test the resistance area near the level of 1.1830. Where can we expect the pair to continue falling to the area below the level of 1.1055. An additional signal in favor of a decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to drop the Euro/Dollar will be a strong growth and a breakdown of the level of 1.2035. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.2295.
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