Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. Moving averages indicate a short-term bullish trend for the pair. Prices went far up from the area between the signal lines, which indicates pressure from buyers of the European currency and the potential continuation of the rise of the European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0895. As part of the Forex forecast for May 28, 2020, we should expect an attempt to develop the rise and test the resistance level near the 1.1005 area. Further, the rebound and continued fall of the Euro/Dollar currency pair. The potential target of such a move on FOREX is the area below the level of 1.0765.
EUR/USD Forecast Euro Dollar May 28, 2020
An additional signal in favor of the growth of 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 completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling quotes of the currency pair Euro/Dollar will be a strong growth in the rate and a breakdown level of 1.1075. This will indicate a breakdown of the resistance area and the continuation of the rise in the area at the level of 1.1305. Expect confirmation of a decrease in the EUR/USD currency pair with the breakdown of the support area and closing of prices below the level of 1.0905.
Among the important news from Europe and America that may affect the EUR/USD pair, it is worth highlighting: United States Gross Domestic Product (GDP) q/q, United States Pending Home Sales m/m, EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar May 28, 2020 implies the development of a correction and test of the resistance area near the level of 1.1005. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0765. 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 1.1075. This will indicate a breakdown of resistance and the continuation of the rise of the currency pair on Forex to the area above the level of 1.1305.
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