Currency pair Euro/Dollar EUR/USD continues to move as part of a strong correction. Moving averages indicate the presence of a short-term upward trend for the pair. At the time of the publication of the forecast, the euro/dollar rate is 1.1281. At the moment, we should expect an attempt to continue growth and test the upper boundary of the downward channel near the area of 1.1315. Further, the rebound and the continuation of the decline in the currency pair Euro/Dollar. The potential target of such a movement is the area below the level of 1.1095.
EUR/USD Forecast Euro Dollar June 21, 2019
The downward resistance test on the relative strength index (RSI) will be in favor of the EUR/USD quotes drop. 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 rise and the breakdown level of 1.1355. This will indicate a breakdown of the channel boundary and a continuation of the ascent to the region at the level of 1.1495. Expect confirmation of a fall on the EUR/USD pair with the breakdown of the support area and closing below 1.1155.
Among the important news from Europe and America, which may have an impact on the EUR/USD pair, it is worth highlighting: the European Union Leaders Summit, United States Existing Home Sales.
EUR/USD Forecast Euro Dollar June 21, 2019 implies an attempt to test the resistance area near the 1.1315 level. Where should we expect a rebound and an attempt to continue to reduce the pair to an area below the level of 1.1095. 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 1.1355. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1495.