Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the downward channel. Moving averages indicate the presence of a medium-term upward trend for the pair. At the time of the publication of the forecast, the euro/dollar rate is 1.1206. At the moment, we should expect an attempt to grow and test the resistance level near the 1.1235 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 1.1070.
EUR/USD Forecast Euro Dollar May 17, 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 descending channel. Cancel the option of falling quotations of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1285. This will indicate a breakdown of the upper limit of the model and continued growth in the region at the level of 1.1385. Expect confirmation of a fall on the EUR/USD pair with the breakdown of the support area and closing below 1.1155.
Among the important news from Europe and America that may have an impact on the EUR / USD pair rate, it is worth highlighting: European Union Core Consumer Price Index (CPI) m/m, Federal Open Market Committee (FOMC) Member Williams Speech, University of Michigan United States Consumer Sentiment.
EUR/USD Forecast Euro Dollar May 17, 2019 implies an attempt to test the upper limit of the channel near the level of 1.1235. Where should we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.1070. 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 1.1285. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1385.