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 the publication of the forecast, the euro/dollar rate is 1.1138. At the moment, we should expect an attempt to continue the correction and test the resistance level near the area of 1.1220. Further, the rebound and the continuation of the decline in the currency pair Euro/Dollar. The potential target of this movement is the area below 1.0965.
EUR/USD Forecast Euro Dollar May 31, 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 «Triangle» model. Cancellation of the option of falling quotations of the currency pair Euro/Dollar 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. Waiting for confirmation of a fall in the EUR/USD pair is with the breakdown of the lower boundary of the «Triangle» model and closing below 1.1105.
Among the important news from Europe and America, which may affect the EUR/USD pair, it is worth highlighting: Germany Retail Sales m/m, University of Michigan United States Consumer Expectations.
EUR/USD Forecast Euro Dollar May 31, 2019 implies an attempt to test the upper limit of the downward channel near the level of 1.1220. Where can we expect a rebound and an attempt to continue to reduce the pair to the area below 1.0965. 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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