Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern at shallow time intervals. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are located far from the area between the signal lines, which indicates pressure from buyers of the European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1189. As part of the Forex forecast, we should expect an attempt to continue the development of the correction and test the resistance level near the 1.1195 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 1.0985.
EUR/USD Forecast Euro Dollar March 6, 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 resistance area. Cancellation of the option to reduce the quotes of the Euro/Dollar currency pair will be a strong growth and the breakdown level of 1.1255. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1355. Expect confirmation of a fall in the EUR/USD pair with the breakdown of the support area and closing below the level of 1.1045.
Among the important news from Europe and America that can affect the rate of the EUR/USD pair, it is worth highlighting: United States Nonfarm Payrolls.
EUR/USD Forecast Euro Dollar March 6, 2020 implies the development of a correction and test of the resistance area near the level of 1.1195. Where should we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0985. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the option of falling EUR/USD will be a strong growth and the breakdown level of 1.1255. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1355.
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