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 1.1371, Although only a couple of months ago, few believed in such a fall in the currency pair on FOREX. As part of the Forex forecast for November 17, 2021, we should expect an attempt to continue the development of a small bullish price correction and a test of the resistance level, which is located on the pair near the 1.1415 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 1.1235.
EUR/USD Forecast Euro Dollar November 17, 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 downward resistance line on the relative strength index (RSI), as we can see, there have already been several rebounds 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 1.1525. This will indicate a breakdown of important resistance and a continued rise to the area at the level of 1.1655. 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 1.1345.
Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: Speech by the President of the European Central Bank (ECB) President Lagarde Speech, Building permits in the USA (United States Building Permits, EIA United States Crude Oil Stocks Change, European Central Bank (ECB) President Lagarde Speech.
EUR/USD Forecast Euro Dollar November 17, 2021 suggests the development of a small bullish correction and a test of the resistance area near the level of 1.1415. Where should we consider a downward price rebound and an attempt to continue the fall of the currency pair in the market to the area below the level of 1.1305. In favor of reducing the instrument in the Forex market, a test of the downward 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 1.1525. 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 1.1655.
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