Currency pair Euro/Dollar EUR/USD continues to move as part of the correction. There is potential for the completion of the inverted “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bearish trend for the pair. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the European currency and a potential continuation of the fall in quotations already from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.2067. As part of the Forex forecast for February 19, 2021, we should expect an attempt to develop a fall and a test of the support level, which is located on the pair near the area of 1.2035. Further, a rebound and continued growth of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.2335.
EUR/USD Forecast Euro Dollar February 19, 2021
An additional signal in favor of raising the EUR/USD quotes will be the test of the lower border of the inverted “Head and Shoulders” reversal pattern. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the growth option of quotations of the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.1965. This will indicate a breakdown of the support area and continued fall into the area at the level of 1.1745. It is worth waiting for confirmation of a rise in the EUR/USD currency pair with a breakdown of the resistance level and closing prices above the level of 1.2205.
Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: United States Existing Home Sales.
EUR/USD Forecast Euro Dollar February 19, 2021 assumes the development of a correction and a test of the support area near the level of 1.2035. Where can we expect a rebound and an attempt to continue the growth of the pair to the area above the level of 1.2335. A test of the trend line on the relative strength index (RSI) will be in favor of raising the currency pair. Cancellation of the growth option for the EUR/USD pair will be a fall in quotations and a breakdown of the level of 1.1965. This will indicate a breakdown of the support area and the continuation of the fall of the currency pair on Forex to the area below the level of 1.1745.
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