Currency pair Euro/Dollar EUR/USD continues to move as part of a strong upward correction. Probably such a correction is provoked by the expectation of the ECB decision on the rate. Moving averages indicate a short-term downward trend in the pair. At the time of the publication of the forecast, the euro rate to the US Dollar is 1.1265. At the moment, we should expect an attempt to continue growth and test the resistance level 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 6, 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 growth and the breakdown level of 1.1355. This will indicate a breakdown of the resistance area and continued growth to the area at 1.1475. Expect confirmation of a fall on the EUR/USD pair with the breakdown of the support area and closing below 1.1175.
Among the important news from Europe and America that may affect the rate of the EUR/USD pair, it is worth mentioning: European Union Employment Change q/q, European Central Bank (ECB) Interest Rate Decision, European Central Bank (ECB) Monetary Policy Press Conference.
EUR/USD Forecast Euro Dollar June 6, 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 the fall of the pair in the area below the level of 1.1095. In favor of reducing the currency pair will test the downward 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 1.1475.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
