Currency pair Euro/Dollar EUR/USD continues to move as part of the fall and the beginning of the development of the «Head and Shoulders» reversal pattern. Moving averages indicate the presence of a short-term lateral trend for the pair. Prices pierced the area between the signal lines down, indicating pressure from sellers. At the time of the publication of the forecast, the euro/dollar rate is 1.1050. 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 1.0865.
EUR/USD Forecast Euro Dollar January 24, 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 breakdown of the lower boundary of the ascending channel. Cancellation of the option to reduce the quotes of the Euro/Dollar pair will be a strong growth and the breakdown level of 1.1205. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1415. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below 1.0975.
Among the important news from Europe and America that may affect the EUR/USD pair: European Central Bank (ECB) President Lagarde Speech.
EUR/USD Forecast Euro Dollar January 24, 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 1.0865. 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 1.1205. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1415.
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