The currency pair Euro to US Dollar (EUR/USD) continues to move as part of the development of the fall and the bearish channel. Moving averages indicate the presence of a short-term downward trend in 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 asset quotes from current levels. At the time of publication of the forecast, the Euro to US Dollar exchange rate is 1.0670. As part of the Forex forecast for September 20, 2023, we should expect an attempt to develop a minor bullish price correction and a test of the resistance level, which is located on the EUR/USD pair near the 1.0725 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 1.0415.
EUR/USD forecast Euro Dollar for September 20, 2023
An additional signal in favor of a fall in EUR/USD quotes 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 of falling quotes for the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.0865. This will indicate a breakdown of the resistance area and continued growth to the area at 1.1045. 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 1.0625.
EUR/USD forecast Euro Dollar for September 20, 2023 suggests an attempt to develop the pair’s rise and test the resistance area near the 1.0725 level. 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 1.0415. 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 1.0865. 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 1.1045.
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