Currency pair Euro/Dollar EUR/USD continues to move in the framework of growth and a downward channel. Here the «Double Bottom» reversal pattern is formed. Moving averages indicate the presence of a short-term bearish trend for the pair, prices broke through the area between the signal lines, which indicates pressure from buyers of the Euro. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1042. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.0115. Further, the rebound and continued growth of the Euro/Dollar currency pair. The potential target of this movement is the area above the level of 1.1185.
EUR/USD Forecast Euro Dollar December 3, 2019
An additional signal in favor of the growth of EUR/USD quotes will be a rebound from the ascending trend line on the relative strength index (RSI). The second signal will be a rebound from the support area. Cancellation of the growth option for the quotes of the Euro/Dollar pair will be a fall and a breakdown of the level of 1.0955. This will indicate a breakdown of the support area and continued decline in the area at the level of 1.0805. Expect acceleration of growth for the EUR/USD pair is with the breakdown of the resistance area and closing above the level of 1.1105, which will indicate the completion of the formation of the «Double Bottom» model and the acceleration of growth of the pair.
EUR/USD Forecast Euro Dollar December 3, 2019 involves the development of a correction and test of the support area near the level of 1.0115. Where can we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1185. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in the currency pair. Cancellation of the growth option EUR/USD will be a fall and a breakdown level of 1.0955. This will indicate a breakdown of support and continued fall of the pair in the area below the level of 1.0805.