Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1168. The pair continues to move within the correction and the bearish channel. The pair was able to update another local maximum, which indicates pressure from buyers. Moving averages indicate a bearish trend, prices are still testing the area between the signal lines. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.1215. Where is the rebound expected and the continuation of the fall of the Euro/Dollar. A potential reduction target is the area below the level of 1.0675.
EUR/USD Forecast and Analysis November 4 — 8, 2019
In favor of the fall of the EUR/USD currency pair at FOREX, a test of a downward trend line on the relative strength index (RSI) will be made. The second signal may 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 November 4 — 8, 2019. There will be strong growth and a breakdown of the level of 1.1405. This will indicate a breakdown of the upper boundary of the downward channel and continued growth of the pair in the region above the level of 1.1825. With the breakdown of the support area and closing of quotes below 1.0865, 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, which may affect the EUR/USD rate, it is worth highlighting: United States JOLTS Job Openings, ISM United States Non-Manufacturing Purchasing Managers Index (PMI), European Union Retail Sales m/m.
EUR/USD Forecast and Analysis November 4 — 8, 2019 implies an attempt to test the resistance area near the level of 1.1215. Where can we expect the pair to continue falling to the area below the level of 1.0675. A test of the trend line on the relative strength index (RSI) will be in favor of falling. Cancellation of the option to reduce the euro dollar will be a strong growth and the breakdown level of 1.1405. In this case, we should expect continued growth of the pair with a potential target at 1.1825.
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