Currency pair Euro/Dollar EUR/USD continues to move within the framework of the correction and the formation of the «Triangle» model. Moving averages indicate a short-term bearish trend for the pair. At the time of publication of the forecast, the euro/dollar rate is 1.1187. At the moment, we should expect an attempt to continue the correction and test the resistance level near the area of 1.1230. 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 1.1030.
EUR/USD Forecast Euro Dollar May 29, 2019
The downward resistance test on the relative strength index (RSI) will be in favor of the EUR/USD quotes drop. The second signal will be a rebound from the upper boundary of the bearish channel. Cancellation of the option of falling quotations of the euro dollar currency pair will be a strong growth and the breakdown level of 1.1265. This will indicate a breakdown of the resistance area and continued growth in the area at 1.1385. Expect confirmation of a fall in the EUR/USD pair with the breakdown of the lower boundary of the «Triangle» model and closing below 1.1125.
Among the important news from Europe and America that may affect the rate of the EUR/USD pair, it is worth highlighting: France Gross Domestic Product (GDP) q/q.
EUR/USD Forecast Euro Dollar May 29, 2019 implies an attempt to test the upper limit of the downward channel near the level of 1.1230. Where can we expect a rebound and an attempt to continue to reduce the pair to an area below the level of 1.1030. 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 1.1265. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1385.
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