Currency pair Euro/Dollar EUR/USD continues to move as part of the decline and the downward channel. Moving averages indicate a short-term bearish 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 1.0800. As part of the Forex forecast, we should expect an attempt to develop growth and test the resistance level near the area of 1.0885. Further, the rebound and continued fall of the Euro/Dollar currency pair. The potential target of this movement is the area below the level of 1.0565.
EUR/USD Forecast Euro Dollar April 7, 2020
An additional signal in favor of reducing the 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 currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.0985. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1145. Expect confirmation of a fall in the EUR/USD pair with the breakdown of the support area and closing prices below the level of 1.0705.
Among the important news from Europe and America that may affect the EUR/USD pair, it is worth highlighting: United States JOLTS Job Openings.
EUR/USD Forecast Euro Dollar April 7, 2020 implies the development of a correction and test of the resistance area near the level of 1.0885. Where can we expect a rebound and an attempt to continue the decline in the pair to an area below the level of 1.0565. 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 EUR/USD will be a strong growth and the breakdown level of 1.0985. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1145.
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