Currency pair Euro/Dollar EUR/USD continues to move within the downward channel and the formation of the «Triangle» model. Moving averages indicate the presence of a medium-term bearish trend for the pair. At the time of the publication of the forecast, the euro/dollar rate is 1.1200. At the moment, we should expect an attempt to grow and test the resistance level near the 1.1220 area. Further, the rebound and the continuation of the decline in the currency pair Euro/Dollar. The potential target of such a movement is the area below the level of 1.1065.
EUR/USD Forecast Euro Dollar May 10, 2019
A test of the resistance line on the relative strength index (RSI) will be in favor of the fall in EUR/USD quotes. The second signal will be a rebound from the upper boundary of the bearish channel. Cancellation of the option to reduce the quotations of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1290. This will indicate a breakdown of the resistance area and continued growth in the area at 1.1375. Waiting for confirmation of a fall in the EUR/USD pair stands with the breakdown of the lower boundary of the «Triangle» model and closure below 1.1130.
EUR/USD Forecast Euro Dollar May 10, 2019 implies an attempt to test the upper limit of the channel near the level of 1.1220. Where should we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.1065. In favor of the fall of the currency pair will test the area of resistance on the indicator of relative strength index (RSI). Cancellation of the option to reduce EUR/USD will be a strong growth and the breakdown level of 1.1290. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1375.
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