Currency pair Euro/Dollar EUR/USD continues to move through a slight decline and a bearish channel. Moving averages indicate a short-term downward trend in the pair. At the time of the publication of the forecast, the euro/dollar rate is 1.1129. At the moment, we should expect an attempt to grow and test the upper boundary of the downward channel near the area of 1.1185. Further, the rebound and the beginning of the decline in the currency pair Euro/Dollar. The potential target of such a movement is the area below the level 1.1015.
EUR/USD Forecast Euro Dollar August 1, 2019
In favor of reducing the EUR/USD quotes, there will be a rebound from the downward resistance line on the relative strength index (RSI). The second signal will be the test of the upper limit of the downward channel. Cancellation of the option of falling quotations of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1215. This will indicate a breakdown of the upper boundary of the channel and a continuation of the ascent to the region at the level of 1.1305. Expect confirmation of a fall on the EUR/USD pair with the breakdown of the support area and closing below 1.1075.
Among the important news from Europe and America that may affect the course of the EUR/USD pair, it is worth highlighting: ISM United States Manufacturing Purchasing Managers Index (PMI).
EUR/USD Forecast Euro Dollar August 1, 2019 implies an attempt to test the resistance area near the level of 1.1185. Where can we expect a rebound and an attempt to continue to reduce the pair to the area below the level of 1.1015. In favor of reducing the currency pair will test the downward trend line on the indicator of relative strength. Cancellation of the option to reduce EUR/USD will be a strong growth and the breakdown level of 1.1215. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1305.
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