Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the «Triangle» model. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from sellers of European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0966. As part of the Forex forecast, we should expect an attempt to develop a correction and a test of the support level near the area of 1.1045. Further, the rebound and continued growth of the Euro/Dollar currency pair. The potential target of this movement is the area below the level of 1.0515.
EUR/USD Forecast Euro Dollar April 15, 2020
An additional signal in favor of falling EUR/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the «Triangle» model. Cancellation of the option of falling quotes of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1125. This will indicate a breakdown of the resistance area and continued rise to the area at the level of 1.1265. Expect confirmation of a fall in the EUR/USD pair with a breakdown of the support area and closing prices below 1.0735, which will indicate a breakdown of the lower boundary of the «Triangle» model.
Among the important news from Europe and America that may affect the EUR/USD pair, it is worth highlighting: United States Retail Sales m/m, EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar April 15, 2020 implies the development of a correction and test of the resistance area near the level of 1.1045. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0515. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the option of falling EUR/USD will be a strong growth and the breakdown level of 1.1125. This will indicate a breakdown of resistance and the continuation of the rise of the pair to the area above the level of 1.1265.
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