Currency pair Euro/Dollar EUR/USD continues to move within the fall and the bearish channel. Moving averages indicate a short-term bullish trend for the pair. At the time of the publication of the forecast, the Euro rate to the US Dollar is 1.1297. At the moment, we should expect an attempt to continue growth and test the upper boundary of the ascending channel near the area of 1.1345. Further, the rebound and the beginning of the decline in the currency pair Euro Dollar. The potential target of such a movement and the development of the «Wolfe Wave» model is the area below the level of 1.1180.
EUR/USD Forecast Euro Dollar July 3, 2019
In favor of reducing the EUR/USD quotes, the test of the resistance line on the relative strength indicator will come out. The second signal will be a rebound from the upper boundary of the rising channel. Cancellation of the option of falling quotations of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1390. 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 1.1485. Expect confirmation of a fall on the EUR/USD pair with the breakdown of the support area and closing below 1.1255.
Among the important news from Europe and America that may affect the rate of EUR/USD pair, it is worth highlighting: ISM United States Non-Manufacturing Purchasing Managers Index (PMI), ADP United States Nonfarm Employment Change.
EUR/USD Forecast Euro Dollar July 3, 2019 implies an attempt to test the resistance area near the level of 1.1345. Where should we expect a rebound and an attempt to continue to reduce the pair to an area below the level of 1.1180. In favor of reducing the currency pair will test the resistance 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 1.1390. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the 1.1485 level.
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