Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the downward channel. Moving averages indicate a short-term bearish trend for the pair. However, prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the European currency and a potential continuation of the growth of quotations from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1971. As part of the Forex forecast for April 16, 2021, we should expect an attempt to develop a bullish correction and a test of the resistance level, which is located on the pair near the 1.1975 area. Further, a rebound down and the continuation of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.1765.
EUR/USD Forecast Euro Dollar April 16, 2021
An additional signal in favor of falling EUR/USD quotes will be a test of the upper border of the bearish channel. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.2065. This will indicate a breakdown of the upper border of the channel and a continued rise to the area at the level of 1.2245. Expect confirmation of a fall in the EUR/USD currency pair with the breakdown of the support level and closing prices below 1.1855, which will also indicate the price going beyond the upward correction channel.
Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: United States Building Permits.
EUR/USD Forecast Euro Dollar April 16, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.1975. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.1765. A test of the trend line on the relative strength index (RSI) will be in favor of the fall of the currency pair. Cancellation of the option to reduce the EUR/USD pair will be a strong growth in quotations and a breakdown of the level of 1.2065. This will indicate a breakdown of the resistance area and a continuation of the rise of the currency pair on Forex to the area above the level of 1.2245.
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