Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the ”Triangle” model. Moving averages indicate a short-term bearish trend for the pair. Prices broke through the area between the signal lines upward, which indicates pressure from the sellers of the European currency and a potential continuation of the fall in the asset quotes from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1266. As part of the Forex forecast for December 16, 2021, we should expect an attempt to develop a small bullish price correction and a test of the resistance level, which is located on the pair near the 1.1305 area. Further, a rebound down 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 1.0965.
EUR/USD Forecast Euro Dollar December 16, 2021
An additional signal in favor of falling EUR/USD quotes will be a rebound from the upper border of the ”Triangle” pattern. The second signal will be a pullback from the downward resistance line on the relative strength index (RSI). Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown at the level of 1.1425. This will indicate a breakdown of important resistance and a continued rise to the area at the level of 1.1625. Expect confirmation of a fall in the EUR/USD currency pair with a breakdown of the support level and closing of the price below 1.1475, which will indicate a breakdown of the lower boundary of the ”Triangle” model and the beginning of the development of this pattern with targets below.
Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: the European Union Leaders Summit, European Central Bank (ECB) Interest Rate Decision, United States Building Permits, European Central Bank (ECB) Monetary Policy Press Conference.
EUR/USD Forecast Euro Dollar December 16, 2021 assumes the development of a bullish correction and a test of the resistance area near the level of 1.1305. Where should we consider a price rebound downward and an attempt to continue the fall of the currency pair in the market to an area below the level of 1.0965. In favor of reducing the instrument in the Forex market, a test of the downward trend line on the relative strength index (RSI) will come out. Cancellation of the EUR/USD pair fall option will be a strong growth in quotations and a breakdown at the level of 1.1425. This will indicate a breakdown of the resistance area and a continuation of the rise of the currency pair on Forex to the area above the level of 1.1625.
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