Currency pair Euro/Dollar EUR/USD continues to move as part of the fall and the downward channel. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the European currency and a potential continuation of the fall in asset quotes already from current levels. At the time of the publication of the forecast, the EUR/USD exchange rate is 1.0884. As part of the Forex forecast for May 18, 2023, we should expect an attempt to develop a bullish price correction and a test of the resistance level, which is located on the pair near the area of 1.0915. Further, the rebound in prices down and the beginning of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.0695.
EUR/USD forecast Euro Dollar for May 18, 2023
An additional signal in favor of a decrease in EUR/USD quotes tomorrow will be a rebound from the upper border of the descending channel. The second signal in favor of this option will be a rebound from the resistance line on the relative strength index (RSI). 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 1.0985. This will indicate a breakdown of the resistance area and continued growth to the area at the level of 1.1165. It is worth waiting for confirmation of the fall in the EUR/USD currency pair with a breakdown of the support level and closing the price below the level of 1.0765, which will indicate a breakdown of the lower limit of the bullish channel.
EUR/USD forecast Euro Dollar for May 18, 2023 suggests an attempt to develop a bullish correction of the pair and a test of the resistance area near the level of 1.0915. Where should we consider the price bounce down and an attempt to drop the currency pair in the market to the area below the level of 1.0695. An additional signal in favor of reducing the instrument in the Forex market will be a test of the trend line on the relative strength index (RSI). Cancellation of the option with the fall of the EUR/USD pair will be a strong growth in quotes and a breakdown of the level of 1.0985. This will indicate a breakdown of the resistance area and continued growth of the Forex currency pair to the area above the level of 1.1165.
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