Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.0973. The pair continues to move as part of the decline and the downward channel. The pair was able to update the next minimum. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to correct and test the resistance area near the level of 1.1115. 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 1.0605.
EUR/USD Forecast and Analysis October 7 — 11, 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 October 7 — 11, 2019. There will be strong growth and a breakdown of the level of 1.1275. 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 1.1605. With the breakdown of the support area and closing of quotes below the level of 1.0765, 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 affect the EUR/USD rate, it is worth highlighting: Speech by the Chairman of the Federal Reserve System (Fed) Chair Powell Speech, United States JOLTS Job Openings.
EUR/USD Forecast and Analysis October 7 — 11, 2019 suggests an attempt to test the resistance area near the level of 1.1115. Where can we expect the pair to continue falling to the area below the level of 1.0605. 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 1.1605. In this case, we should expect continued growth of the pair with a potential target at 1.1605.