Currency pair Euro/Dollar EUR/USD continues to move in the framework of a strong upward correction and a downward channel. Prices have reached an important area of resistance. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from buyers of the European currency and a potential drop already from current levels. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0967. As part of the Forex forecast, we should expect an attempt to develop a correction and test the resistance level near the area of 1.0995. Further, the rebound and continued fall of the Euro/Dollar currency pair. The potential target of this movement is the area below the level of 1.0775.
EUR/USD Forecast Euro Dollar February 28, 2020
An additional signal in favor of falling EUR/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option to reduce the quotes of the Euro/Dollar currency pair will be a strong growth and the breakdown level of 1.1045. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1245. Expect confirmation of a fall in the EUR/USD pair with a breakdown of the lower border of the rising channel and closing below 1.0855.
Among the important news from Europe and America that may affect the EUR/USD pair, it is worth highlighting: France’s Gross Domestic Product (GDP) q/q.
EUR/USD Forecast Euro Dollar February 28, 2020 suggests the development of a correction and test of the resistance area near the level of 1.0995. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0775. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the option of falling EUR/USD will be a strong growth and the breakdown level of 1.1045. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1245.
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