Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the downward pattern ”Wolfe Wave”. Moving averages indicate a short-term bullish trend for the pair. Prices bounced back from the area between the signal lines upwards, which indicates pressure from buyers of the European currency and a potential continuation of growth from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1878. As part of the Forex forecast for November 17, 2020, we should expect an attempt at a bullish correction and a test of the resistance level near the 1.1955 area. Further, the rebound 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 1.1595.
EUR/USD Forecast Euro Dollar November 18, 2020
An additional signal in favor of falling EUR/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish ”Wolfe Wave” pattern. Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.2055. This will indicate a breakdown of the resistance area and a continued rise to the area at the level of 1.2225. It is worth waiting for confirmation of a fall in the EUR/USD currency pair with the breakdown of the support area and closing prices below 1.1755.
Among the important news from Europe and the USA that may affect the EUR/USD pair, it is worth highlighting: United States Building Permits, EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar November 18, 2020 assumes the development of a correction and a test of the resistance area near the level of 1.1955. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.1595. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the EUR/USD pair fall option will be a strong growth in quotations and a breakdown of the level of 1.2055. This will indicate a breakdown of the resistance area and continued growth of the currency pair on Forex to the area above the level of 1.2225.
