Currency pair Euro/Dollar EURUSD continues to move as part of the correction and the downward 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 1.1079. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.1115. 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 1.0975.
EUR/USD Forecast Euro Dollar August 29, 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 border of the bearish channel. Cancellation of the option to reduce the quotes of the Euro/Dollar currency pair will be a strong growth and the breakdown level of 1.1155. This will indicate a breakdown of the upper boundary of the channel and continued growth to the area at the level of 1.1245. Expect confirmation of a fall in the EUR/USD pair with the breakdown of the support area and closing below 1.0995.
Among the important news from Europe and America that may affect the EUR/USD pair, it is worth highlighting: United States Pending Home Sales m/m, United States Gross Domestic Product (GDP) q/q, France Gross Domestic Product (GDP) q/q.
EUR/USD Forecast Euro Dollar August 29, 2019 implies an attempt to correct and test the resistance area near the level of 1.1115. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0975. 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 1.1155. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1245.
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