Currency pair Euro/Dollar EUR/USD continues to move within the framework of the correction and the formation of the «Triangle» model. Moving averages indicate the presence of a short-term side trend for the pair. At the time of the publication of the forecast, the Euro/Dollar exchange rate is 1.1215. At the moment, we should expect an attempt to continue growth and test the resistance area near the area of 1.1265. Further, the rebound and the beginning of the decline in the currency pair Euro/Dollar. The potential target of such a movement and the beginning of the development of the «Triangle» model is the area below the level of 1.1120.
EUR/USD Forecast Euro Dollar July 23, 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 upper boundary of the «Triangle» model. Cancellation of the option of falling quotations of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1315. 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 1.1455. Expect confirmation of a fall in the EUR/USD pair with the breakdown of the support area and closing below 1.1160, which indicates breakdown of the lower boundary of the channel and the completion of the formation of the model.
Among the important news from Europe and America, which may have an impact on the EUR/USD pair, it is worth highlighting: United States Existing Home Sales.
EUR/USD Forecast Euro Dollar July 23, 2019 implies an attempt to test the resistance area near the level of 1.1265. Where can we expect a rebound and an attempt to continue to reduce the pair to an area below the level of 1.1120. In favor of reducing the currency pair will test the downward trend line on the indicator of relative strength. Cancellation of the option to reduce EUR/USD will be a strong growth and the breakdown level of 1.1315. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1455.