Currency pair Euro/Dollar EUR/USD continues to move in the framework of growth and the ascending channel, as we see, buyers were able to cancel the formation of the “Wedge” model. Moving averages indicate a short-term bullish trend for the pair. Prices went far up from the area between the signal lines, which indicates pressure from buyers of the European currency and the potential continued growth of the European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1441. As part of the FOREX forecast for July 16, 2020, we should expect an attempt to continue the fall and test the support level near the 1.1395 area. Further, the rebound and continued growth of the Euro/Dollar currency pair. The potential target of this movement on FOREX is the area above the level of 1.1525.
EUR/USD Forecast Euro Dollar July 16, 2020
An additional signal in favor of the rise in EUR/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the quotes of the Euro/Dollar pair will be a depreciation and a breakdown of the level of 1.1355. This will indicate a breakdown of the support area and continued decline in the area at the level of 1.1205. Expect confirmation of growth in the EUR/USD currency pair with the breakdown of the resistance area and closing prices above the level of 1.1505.
Among the important news from Europe and the USA that can influence the EUR/USD pair rate, it is worth highlighting: European Central Bank (ECB) Interest Rate Decision, European Central Bank (ECB) Monetary Policy Press Conference, United States Retail Sales m/m.
EUR/USD Forecast Euro Dollar July 16, 2020 implies the development of a correction and test of the support area near the level of 1.1395. Where can we expect a rebound and an attempt to continue the growth of the pair in the all-level area of 1.1525. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in the currency pair. Cancellation of the growth option EUR/USD will be a fall and a breakdown level of 1.1355. This will indicate a breakdown of support and the continued fall of the currency pair on Forex to the area below the level of 1.1205.
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