Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of a reversal pattern. Moving averages indicate the presence of a short-term flat trend for the pair. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1222. At the moment, we should expect an attempt to continue growth and test the resistance area near the 1.1300 area. Further, the rebound and the beginning of the decline in the currency pair Euro Dollar. The potential target of such a movement and the start of working out the «Head and Shoulders» reversal pattern is the area below the level of 1.1055.
EUR/USD Forecast Euro Dollar July 18, 2019
The downward resistance test on the relative strength indicator will be in favor of EUR/USD quotes reduction. The second signal will be a rebound from the resistance level. Cancellation of the option of falling quotations of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1420. This will indicate a breakdown of the upper boundary of the channel and a continuation of the ascent to the region at the level of 1.1565. Expect confirmation of a fall in the EUR/USD pair with the breakdown of the support area and closing below 1.1165, which will indicate breakdown of the lower boundary of the channel and the end of the reversal pattern.
EUR/USD Forecast Euro Dollar July 18, 2019 implies an attempt to test the resistance area near the level of 1.1300. Where should we expect a rebound and an attempt to continue to reduce the pair to an area below the level of 1.1055. In favor of reducing the currency pair will test the downward trend line on the indicator of relative strength index (RSI). Cancellation of the option to reduce EUR/USD will be a strong growth and the breakdown level of 1.1420. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1565.
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