Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the reversal model of the inverted «Head and Shoulders». Moving averages indicate a short-term bearish trend for the pair. Prices pierced the area between the signal lines up, which indicates pressure from buyers of the European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0951. As part of the Forex forecast for May 1, 2020, we should expect an attempt to develop a correction and test the support level near the area of 1.0805. Further, the rebound and continued growth of the Euro/Dollar currency pair. The potential target of this movement on FOREX is the area above the level of 1.1355.
EUR/USD Forecast Euro Dollar May 1, 2020
An additional signal in favor of the growth of EUR/USD quotes will be a test of the broken resistance line on the relative strength index (RSI). The second signal will be a rebound from the support area on the price chart. Cancellation of the growth option for the quotes of the Euro/Dollar pair will be a depreciation and a breakdown of the level of 1.0725. This will indicate a breakdown of the support area and continued decline in the area at the level of 1.0575. Expect confirmation of growth, while the EUR/USD pair stands with a breakdown of the resistance area and closing prices above the level of 1.1045.
Among the important news from Europe and America that may affect the rate of the EUR/USD pair, it is worth highlighting: ISM United States Manufacturing Purchasing Managers Index (PMI).
EUR/USD Forecast Euro Dollar May 1, 2020 implies the development of a correction and test of the support area near the level of 1.0805. Where can we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1355. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in the currency pair. Cancellation of the growth option EUR/USD will be a fall and a breakdown level of 1.0725. This will indicate a breakdown of support and continued fall of the pair in the area below the level of 1.0575.
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