Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the bearish channel. Moving averages indicate a short-term bearish trend for the pair. Prices pierced the area between the signal lines up, which indicates pressure from sellers of the European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0845. As part of the Forex forecast for April 29, 2020, we should expect an attempt to develop a correction and test the resistance level near the area of 1.0915. Further, the rebound and continued fall of the Euro/Dollar currency pair. The potential target of this movement on FOREX is the area below the level of 1.0635.
EUR/USD Forecast Euro Dollar April 29, 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 downward channel. Cancellation of the option of falling quotes of the Euro/Dollar currency pair will be an increase in the rate and a breakdown level of 1.0995. This will indicate a breakdown of the resistance area and continued rise to the area at the level of 1.1175. Expect confirmation of a fall in the EUR/USD pair with the breakdown of the support area and closing of prices below the level of 1.0695.
Among the important news from Europe and America that may affect the EUR/USD pair, it is worth highlighting: United States Pending Home Sales m/m, EIA United States Crude Oil Stocks Change, Federal Reserve System (Fed) Interest Rate Decision, Press Conference of the Federal Open Market Committee (FOMC).
EUR/USD Forecast Euro Dollar April 29, 2020 implies the development of a correction and test of the resistance area near the level of 1.0915. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0635. 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 1.0995. This will indicate a breakdown of resistance and the continuation of the rise of the pair to the area above the level of 1.1175.
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