Currency pair Euro/Dollar EUR/USD continues to move as part of the fall and the downward channel. Moving averages indicate a short-term bearish trend for the pair. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the European currency and a potential continuation of the fall in the asset quotes from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1446. As part of the Forex forecast for November 16, 2021, we should expect an attempt to continue the development of a bullish price correction and a test of the resistance level, which is located on the pair near the 1.1475 area. Further, a rebound down and the continuation of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.1305.
EUR/USD Forecast Euro Dollar November 16, 2021
An additional signal in favor of falling EUR/USD quotes will be a rebound from the upper border of the bearish channel. The second signal will be a rebound from the descending resistance line on the relative strength index (RSI), as you can see, there has already been a bounce from this line. Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown at the level of 1.1615. This will indicate a breakdown of important resistance and a continued rise to the area at the level of 1.1745. It is worth waiting for confirmation of a fall in the EUR/USD currency pair with the breakdown of the support level and closing the price below 1.1405.
Among the important news from Europe and the United States that may have an impact on the EUR/USD pair, it is worth highlighting: European Union Employment Change q/q, European Union Gross Domestic Product (GDP) q/q, United States Retail Sales m/m, European Central Bank (ECB) President Lagarde Speech.
EUR/USD Forecast Euro Dollar November 16, 2021 assumes the development of a bullish correction and a test of the resistance area near the level of 1.1475. Where should we consider a price rebound downward and an attempt to continue the fall of the currency pair to the area below the level of 1.1305. In favor of reducing the pair in the Forex market, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the EUR/USD pair fall option will be a strong growth in quotations and a breakdown at the level of 1.1615. This will indicate a breakdown of the resistance area and a continuation of the rise of the currency pair on Forex to the area above the level of 1.1745.
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