The Euro/Dollar currency pair EUR/USD continues to move within the framework of growth development and has left the bearish channel. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the European currency and a potential continuation of growth in quotes of the asset pair from current levels. At the time of publication of the forecast, the Euro to US Dollar exchange rate is 1.0694. As part of the Forex forecast for November 16, 2023, we should expect an attempt to develop a price correction and a test of the support level, which is located on the EUR/USD pair near the 1.0805 area. Further, prices will rebound upward and continue to grow in the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.0985.
EUR/USD forecast Euro Dollar for November 16, 2023
An additional signal in favor of the development of a bullish scenario on the EUR/USD currency pair tomorrow will be a rebound from the upper boundary of the bullish channel. The second signal in favor of this option will be a rebound from the support line on the relative strength indicator (RSI). Cancellation of the option to increase the quotes of the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.0625. This will indicate a breakdown of the lower boundary of the bullish channel and a continuation of the fall to the area at the level of 1.0475. Expect confirmation of growth in the EUR/USD currency pair with a breakdown of the resistance level and closing of the price above the level of 1.0975.
EUR/USD forecast Euro Dollar for November 16, 2023 suggests an attempt to develop a bearish correction of the pair and a test of the support area near the level of 1.0805. Where should we consider a price rebound upward and an attempt to continue the growth of the currency pair on the market to the area above the level of 1.0985. An additional signal in favor of instrument growth in the Forex market will be a test of the trend line on the relative strength indicator (RSI). Cancellation of the option with the rise of the EUR/USD pair will be a fall in quotes and a breakdown of the level of 1.0625. This will indicate a breakdown of the support area and a continuation of the fall of the currency pair on Forex to the area below the level of 1.0475.
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