Currency pair Euro/Dollar EUR/USD continues to move as part of a decline and a bearish channel. Moving averages indicate a short-term bearish trend for the pair. At the time of the publication of the forecast, the euro rate to the US Dollar is 1.1288. At the moment, we should expect an attempt to continue growth and test the upper boundary of the ascending channel near the area of 1.1320. Further, the rebound and the beginning of the decline in the currency pair Euro/Dollar. The potential goal of such a movement and the development of the «Wolfe Wave» model is the area below the level of 1.1170.
EUR/USD Forecast Euro Dollar July 4, 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 border of the bear channel. Cancellation of the option of falling quotations of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1360. 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 on the EUR/USD pair with the breakdown of the support area and closing below 1.1235.
Among the important news from Europe and America, which may have an impact on the EUR/USD pair, it is worth mentioning: European Central Bank (ECB) Vice President de Guindos Speech.
EUR/USD Forecast Euro Dollar July 4, 2019 implies an attempt to test the resistance area near the 1.1320 level. Where can we expect a rebound and an attempt to continue to reduce the pair to an area below 1.1170. 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 1.1360. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1455.