Currency pair Euro/Dollar EUR/USD continues to move as part of the growth and development of the bullish “Wolfe Wave” model. Moving averages indicate a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the European currency and a potential continuation of the fall in quotations from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1883. As part of the Forex forecast for April 8, 2021, we should expect an attempt to develop a downward correction and a test of the support level, which is located on the pair near the 1.1815 area. Further, an upward rebound and a continuation of the rise of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.1975.
EUR/USD Forecast Euro Dollar April 8, 2021
An additional signal in favor of raising the EUR/USD quotes will be a test of the upper border of the descending channel. The second signal will be a rebound from the resistance line on the relative strength index (RSI), here buyers have broken this line up. Cancellation of the option of raising the quotes of the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.1685. This will indicate a breakdown of the support area and continued fall into the area at the level of 1.1535. It is worth waiting for confirmation of a rise in the EUR/USD currency pair with a breakdown of the resistance level and closing prices above the level of 1.1915.
Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar April 8, 2021 assumes the development of a correction and a test of the support area near the level of 1.1815. Where can we expect a rebound and an attempt to continue the rise of the pair to the area above the level of 1.1975. A test of the trend line on the relative strength index (RSI) will be in favor of the growth of the currency pair. Cancellation of the option to raise the EUR/USD pair will be a fall in quotations and a breakdown of the level of 1.1685. This will indicate a breakdown of the support area and the continuation of the fall of the currency pair on Forex to the area below the level of 1.1535.
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