Currency pair Euro/Dollar EUR/USD continues to move as part of the fall and the formation of the bullish «Wave Wave» pattern. Moving averages indicate the presence of a short-term upward trend for the pair. Prices pierced the area between the signal lines down, indicating pressure from sellers of the European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0987. As part of the Forex forecast, we should expect an attempt to continue the development of the fall and test the support level near the area of 1.0955. Further, the rebound and continued growth of the Euro/Dollar currency pair. The potential target of this movement is the area above the level of 1.1445.
EUR/USD Forecast Euro Dollar March 18, 2020
An additional signal in favor of the growth of EUR/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the quotes of the Euro/Dollar pair will be a fall and a breakdown of the level of 1.0855. This will indicate a breakdown of the support area and continued fall into the area at the level of 1.0635. Expect confirmation of growth for the EUR/USD pair with the breakdown of the resistance area and closing above the level of 1.1075.
Among the important news from Europe and America that may affect the EUR/USD pair exchange rate, it is worth highlighting: EIA United States Crude Oil Stocks Change, United States Building Permits.
EUR/USD Forecast Euro Dollar March 18, 2020 implies the development of a correction and test of the support area near the level of 1.0955. Where can we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1445. In favor of the growth of the currency pair, a test of the trend line on the relative strength index (RSI) will come out. The cancellation of the EUR/USD rise option will be a fall and a breakdown of the level of 1.0855. This will indicate a breakdown of support and continued fall of the pair in the area below the level of 1.0635.
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