Currency pair Euro/Dollar EUR/USD continues to move as part of the decline and the formation of the reversal model «Wedge». Moving averages indicate a short-term bullish trend for the pair. Prices are located above the area between the signal lines, which indicates pressure from buyers of the European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1158. At the moment, we should expect an attempt to grow and test the resistance level near the 1.1205 area. 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 1.0930.
EUR/USD Forecast Euro Dollar January 8, 2020
An additional signal in favor of falling EUR/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the descending «Wedge» model. Cancellation of the option to reduce the quotes of the Euro/Dollar pair will be a strong growth and the breakdown level of 1.1305. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1495. Expect to accelerate the fall in the EUR/USD pair with a breakdown of the lower boundary of the model and closing below the level of 1.1055.
Among the important news from Europe and America that may affect the EUR/USD pair rate, it is worth highlighting: ADP United States Nonfarm Employment Change, EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar January 8, 2020 implies the development of a correction and test of the resistance area near the level of 1.1205. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0930. 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 1.1305. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1495.
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