Currency pair Euro/Dollar EURUSD continues to move as part of the correction 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 1.1183. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.1235. 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 1.0945.
EUR/USD Forecast Euro Dollar August 7, 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 the test of the upper boundary of the downward model «5-0». Cancellation of the option to reduce the quotes of the Euro/Dollar currency pair will be a strong growth and the breakdown level of 1.1285. This will indicate a breakdown of the resistance level and continued growth in the area at the level of 1.1545. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below the level of 1.1090.
EUR/USD Forecast Euro Dollar August 7, 2019 implies an attempt to test the resistance area near the level of 1.1235. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0945. 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 1.1285. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1545.
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