Currency pair Euro/Dollar EUR/USD continues to move in the framework of the fall and the downward channel. The bulls could not go to the development of the upward model of the «Wolfe Wave». Moving averages indicate the presence of a short-term upward trend for the pair. Prices are repelled from the region by signal lines, which indicates pressure from sellers of the European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0886. As part of the Forex forecast, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 1.1005 area. Further, the rebound and continued fall of the Euro/Dollar currency pair. The potential target of this movement is the area below the level of 1.0565.
EUR/USD Forecast Euro Dollar March 19, 2020
An additional signal in favor of falling EUR/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotes of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1165. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1325. Expect confirmation of a fall in the EUR/USD pair with the breakdown of the support area and closing below 1.0765.
EUR/USD Forecast Euro Dollar March 19, 2020 implies the development of a correction and test of the resistance area near the level of 1.1005. Where should we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0565. 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 1.1165. This will indicate a breakdown of support and continued fall of the pair in the area below the level of 1.1325.
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