Currency pair Euro/Dollar EURUSD continues to move as part of the decline and the bearish channel. Moving averages indicate the presence of a short-term bearish trend for the pair. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1072. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.1125. 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 1.0960.
EUR/USD Forecast Euro Dollar August 23, 2019
An additional signal in favor of reducing the EUR/USD quotes will be a rebound from the downward resistance line on the relative strength index (RSI). The second signal will be a test of the upper boundary of the downward channel. Cancellation of the option to reduce the quotes of the Euro / Dollar currency pair will be a strong growth and a breakdown of the level of 1.1180. This will indicate a breakdown of the resistance level and continued growth in the area at the level of 1.1345. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below the level of 1.1035.
Among the important news from Europe and America that may have an impact on the EUR/USD exchange rate, it is worth highlighting: Federal Reserve System (Fed) Chair Powell Speech, United States New Home Sales.
EUR/USD Forecast Euro Dollar August 23, 2019 implies an attempt to test the resistance area near the level of 1.1125. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0960. 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 of falling EUR/USD will be a strong growth and the breakdown level of 1.1180. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1345.
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