Currency pair Euro/Dollar EUR/USD continues to move as part of a decline and a downward channel. Moving averages indicate a short-term downward trend in the pair. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1145. At the moment, we should expect an attempt to grow and test the upper boundary of the downward channel near the area of 1.1185. Further, the rebound and the beginning of the decline in the currency pair Euro/Dollar. A potential goal of such a movement is the area below the level of 1.1025.
EUR/USD Forecast Euro Dollar July 31, 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 descending channel. Cancellation of the option of falling quotations of the currency pair Euro Dollar will be a strong growth and the breakdown level of 1.1225. 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 1.1305. Expect confirmation of a fall on the EUR/USD pair with the breakdown of the support area and closing below 1.1075.
Among the important news from Europe and America that may affect the course of the EUR/USD pair, it is worth noting: European Union Gross Domestic Product (GDP) q/q, Federal Reserve System (Fed) Interest Rate Decision, Federal Open Market Committee (FOMC) Press Conference.
EUR/USD Forecast Euro Dollar July 31, 2019 implies an attempt to test the resistance area near the level of 1.1185. Where should we expect a rebound and an attempt to continue to reduce the pair to an area below the level of 1.1025. 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 1.1235. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1345.
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