The Euro/Dollar currency pair EUR/USD continues to move as part of the development of the fall and the beginning of the development of the bearish “Wolfe Wave” pattern. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the European currency and a potential continuation of the fall 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 1.0548. As part of the Forex forecast for October 31, 2023, we should expect an attempt to develop a bullish price correction and a test of the resistance level, which is located on the EUR/USD pair near the 1.0595 area. Further, prices will rebound downwards and the Euro/Dollar currency pair will continue to fall. The potential target of such a movement on FOREX is the area below the level of 1.0185.
EUR/USD forecast Euro Dollar for October 31, 2023
An additional signal in favor of the development of a bearish scenario on the EUR/USD currency pair tomorrow will be a rebound from the lower boundary of the bullish channel. The second signal in favor of this option will be a rebound from the resistance line on the relative strength indicator (RSI). Cancellation of the option to reduce quotes of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.0735. This will indicate a breakdown of the upper boundary of the model and continued growth to the area at the level of 1.0875. Expect confirmation of a fall in the EUR/USD currency pair with a breakdown of the support level and closing of the price below the level of 1.0495, which will indicate a breakdown of the lower boundary of the bullish correction channel.
EUR/USD forecast Euro Dollar for October 31, 2023 suggests an attempt to develop a bullish correction of the pair and a test of the resistance area near the level of 1.0595. Where should we consider a price rebound downwards and an attempt to continue the fall of the currency pair on the market to the area below the level of 1.0185. An additional signal in favor of a fall in the instrument on the Forex market will be a test of the trend line on the relative strength indicator (RSI). Cancellation of the option to reduce the EUR/USD pair will be a strong increase in quotes and a breakdown of the level of 1.0735. This will indicate a breakdown of the resistance area and continued growth of the currency pair on Forex to the area above the level of 1.0875.
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