Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the downward channel. Moving averages indicate a short-term bearish trend for the pair. Prices again pushed from the area between the signal lines, indicating pressure from sellers of European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1054. As part of the Forex forecast, we should expect an attempt to develop a correction and a test of the resistance level near the area of 1.1085. 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 1.0905.
EUR/USD Forecast Euro Dollar February 5, 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 bearish channel. Cancellation of the option to reduce the quotes of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.1175. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1295. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below 1.0945.
Among the important news from Europe and America that may affect the EUR/USD pair rate, it is worth highlighting: European Union Retail Sales m/m, European Central Bank (ECB) President Lagarde Speech, United States Nonfarm Employment Change; ADM United States Nonfarm Employment Change Index; ISM United States Non-Manufacturing Purchasing Managers Index (PMI), EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar February 5, 2020 implies the development of a correction and test of the resistance area near the level of 1.1085. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0905. 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 1.1175. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1295.
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