Currency pair Euro/Dollar EUR/USD continues to move as part of the growth and formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the euro/dollar rate is 1.1405. At the moment, we should expect an attempt to decrease and test the support level near the area of 1.1335. Where can we expect a rebound and continued growth of the euro/dollar currency pair. A potential goal of such a movement is the area above the level of 1.1760.
EUR/USD forecast Euro Dollar December 5, 2018
In favor of the growth of the EUR/USD quotes, a test of the rising trendline on the relative strength index (RSI) will be made. Cancellation of the growth rate of the euro/dollar quotes will fall and the breakdown level of 1.1240. This will indicate a breakdown of the support level and a continued decline to the area at the level of 1.1120. Expect confirmation of the development of growth for the pair EUR/USD stands with the breakdown of the resistance area and closure above 1.1455. This will indicate the completion of the formation of the «Head and Shoulders» reversal pattern and the acceleration of the pair’s growth.
Among the important news from Europe and America, which may have an impact on the EUR/USD pair, it is worth mentioning: Speech by the ECB President Mario Draghi, Speech by the Chairman of the Fed Board of Governors Jerome Powell.
EUR/USD forecast Euro Dollar December 5, 2018 implies an attempt to test the support area near the level of 1.1335. Where should we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1760. In favor of growth will make a test trend line on the indicator of relative strength index (RSI). Cancellation of the growth option EUR/USD will be the fall and the breakdown level of 1.1240. This will indicate a breakdown of support and the continuation of the fall of the pair into an area above the 1.1120 level.
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