Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the downward channel. Moving averages indicate a short-term bearish trend for the pair. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the European currency and a potential continuation of the fall in quotations from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1930. As part of the Forex forecast for March 16, 2021, we should expect an attempt to develop growth and a test of the resistance level, which is located on the pair near the 1.2005 area. Further, the rebound and the continuation of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.1675.
EUR/USD Forecast Euro Dollar March 16, 2021
An additional signal in favor of reducing the EUR/USD quotes will be a test of the upper border of the descending channel. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.2085. This will indicate a breakdown of the resistance area and a continued rise to the area at 1.2405. It is worth waiting for confirmation of a fall in the EUR/USD currency pair with a breakdown of the support level and closing prices below 1.1775, which will indicate a breakdown of the lower border of the descending channel, and this is already a very strong signal in favor of a fall.
Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: ZEW Germany Economic Sentiment Indicator, United States Retail Sales m/m.
EUR/USD Forecast Euro Dollar March 16, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.2005. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.1675. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the EUR/USD pair fall option will be a strong growth in quotations and a breakdown of the level of 1.2085. This will indicate a breakdown of the resistance area and a continuation of the rise of the currency pair on Forex to the area above the level of 1.2405.
