EUR/USD Forecast Euro Dollar August 2, 2019

Currency pair Euro/Dollar EUR/USD continues to move in the framework of a strong fall. Moving averages indicate a short-term bearish trend for the pair. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1032. At the moment, we should expect an attempt to grow and test the upper boundary of the bearish channel near the area of ​​1.1080. Further, a rebound and the beginning of a decline in the Euro/Dollar currency pair. The potential target of this movement is the area below the level of 1.0915.

EUR/USD Forecast Euro Dollar August 2, 2019

In favor of reducing the EUR/USD quotes, a rebound from the downward resistance line on the relative strength index (RSI) will come out. The second signal will be a test of 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 1.1165. This will indicate a breakdown of the upper boundary of the channel and the continuation of the rise to the area at the level of 1.1245. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below 1.1005.

Among the important news from Europe and America that may have an impact on the EUR/USD pair, it is worth highlighting: European Union Retail Sales m/m, United States Nonfarm Payrolls.

EUR/USD Forecast Euro Dollar August 2, 2019 implies an attempt to test the resistance area near the level of 1.1080. Where can we expect a rebound and an attempt to continue to decline in the pair to an area below the level of 1.0915. In favor of reducing the currency pair, a test of a downward trend line on the relative strength index (RSI) will come out. Cancellation of the option to reduce EUR/USD will be a strong growth and the breakdown level of 1.1165. This will indicate a breakdown of the channel border and the continuation of the pair’s rise to the area above the level of 1.1245.

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