Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the bullish ”Wolfe Wave” pattern. Moving averages indicate a short-term bearish trend for the pair. Prices pushed down from 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 1.1694. As part of the Forex forecast for August 20, 2021, we should expect an attempt to develop a slight fall and a test of the support level, which is located on the pair near the 1.1655 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 1.1825.
EUR/USD Forecast Euro Dollar August 20, 2021
An additional signal in favor of the growth of the EUR/USD quotes will be a rebound from the lower boundary of the ”Wolfe Wave” model. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the growth option for the quotes of the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.1585. This will indicate a breakdown of the lower boundary of the ”Wolfe Wave” model and a continuation of the fall into the area at the level of 1.1445. 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 1.1735, which will indicate a breakdown of the upper boundary of the ”Wolfe Wave” model.
EUR/USD Forecast Euro Dollar August 20, 2021 assumes the development of a correction and a test of the support area near the level of 1.1655. Where can we expect a rebound and an attempt to increase the fall of the pair to an area above the level of 1.1825. A test of the trend line on the relative strength index (RSI) will be in favor of raising 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 1.1585. This will indicate a breakdown of the support area and a continued decline in the Forex currency pair to an area below 1.1445.
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