Currency pair Euro/Dollar EUR/USD continues to move as part of the decline and the bearish channel. Moving averages indicate the presence of a short-term lateral trend for the pair. Prices pierced the area between the signal lines down, indicating pressure from sellers of European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0861. As part of the Forex forecast, we should expect an attempt to develop a decline and a test of the support level near the area of 1.0795. Further, the rebound and continued growth of the Euro/Dollar currency pair. The potential target of this movement is the area above the level of 1.1175.
EUR/USD Forecast Euro Dollar April 3, 2020
An additional signal in favor of the growth of EUR/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending «Wolfe Wave» model. Cancellation of the growth option for the quotes of the Euro/Dollar pair will be a fall and a breakdown of the level of 1.0745. This will indicate a breakdown of the support area and a continued decline in the area at the level of 1.0535. Expect confirmation of growth for the EUR/USD pair with the breakdown of the resistance area and closing above the level of 1.0975.
Among the important news from Europe and America that may affect the EUR/USD pair rate, it is worth highlighting: European Union Retail Sales m/m, United States Nonfarm Payrolls, United States Non-Manufacturing Purchasing Managers Index.
EUR/USD Forecast Euro Dollar April 3, 2020 implies the development of a correction and test of the support area near the level of 1.0795. Where can we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1175. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in the currency pair. Cancellation of the growth option EUR/USD will be a fall and a breakdown level of 1.0745. This will indicate a breakdown of support and continued fall of the pair in the area below the level of 1.0535.
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