Currency pair Euro/Dollar EUR/USD continues to move in the framework of strong growth and an upward channel. An inverted «Head and Shoulders» reversal pattern is also formed here. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have pierced the area between the signal lines, indicating pressure from Euro buyers. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1076. At the moment, we should expect an attempt to reduce and test the support level near the 1.1005 area. 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 1.1295.
EUR/USD Forecast Euro Dollar December 4, 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 lower boundary of the ascending channel. 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 1.1115. This will indicate the completion of the formation of the «Head and Shoulders» model and the acceleration of the pair’s growth.
Among the important news from Europe and America that may affect the EUR/USD pair rate, it is worth highlighting: ADP United States Nonfarm Employment Change; ISM United States Non-Manufacturing Purchasing Managers Index (PMI), EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar December 4, 2019 implies the development of a correction and test of the support area near the level of 1.1005. Where can we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1295. 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.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
