Currency pair Euro/Dollar EUR/USD continues to move as part of the growth and the ascending channel. Moving averages indicate a short-term bullish trend for the pair. Prices moved up from the area between the signal lines, which indicates pressure from buyers of the European currency and a potential continued growth of the European currency. At the time of the publication of the forecast, the EUR/USD rate is 1.1845. As part of the Forex forecast for August 7, 2020, we should expect an attempt to grow and test the resistance level near the 1.1905 area. Further, the rebound and the continuation of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.1325.
EUR/USD Forecast Euro Dollar August 7, 2020
An additional signal in favor of a fall in EUR/USD quotes will be a test of the broken trend line on the relative strength index (RSI). The second signal will be a breakdown of the support area at 1.1650, which will indicate the completion of the formation of the «Double Top» reversal pattern. Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.2025. This will indicate a breakdown of the resistance area and a continued rise to the area at 1.2275. It is worth waiting for confirmation of a fall in the EUR/USD currency pair with the breakdown of the support area and closing prices below 1.1635.
Among the important news from Europe and the USA, which may have an impact on the EUR/USD pair, it is worth highlighting: United States Nonfarm Payrolls.
EUR/USD Forecast Euro Dollar August 7, 2020 assumes the development of a correction and a test of the resistance area near the level of 1.1905. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.1325. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the EUR/USD fall option will be a strong growth and a breakdown of the level of 1.2025. This will indicate a breakdown of resistance and a continued rise in the currency pair on Forex to the area above the level of 1.2275.
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