EUR/USD Forecast Euro Dollar November 19, 2019


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Currency pair Euro/Dollar EUR/USD continues to move as part of the growth and the beginning of the development of the «Head and Shoulders» reversal pattern. Moving averages indicate the presence of a short-term bearish trend for the pair. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1060. At the moment, we should expect an attempt to reduce and test the support level near the area of ​​1.0995. Further, the rebound and continued growth of the Euro/Dollar currency pair. The potential target of this movement is the area above the level of 1.1325.

EUR/USD Forecast Euro Dollar November 19, 2019

An additional signal in favor of the growth of EUR/USD quotes will be a rebound from the ascending trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the bullish channel. Cancellation of the growth option for the quotes of the Euro/Dollar pair will be a fall and a breakdown of the level of 1.0935. This will indicate a breakdown of the support area and continued decline in the area at the level of 1.0805. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below 1.0925.

EUR/USD Forecast Euro Dollar November 19, 2019

Among the important news from Europe and America that may have an impact on the EUR/USD pair, it is worth highlighting: United States Building Permits.

EUR/USD Forecast Euro Dollar November 19, 2019 suggests the development of a correction and test of the support area near the level of 1.0995. Where can we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1325. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in the currency pair. Cancellation of the growth option EUR/USD will be a fall and a breakdown level of 1.0935. This will indicate a breakdown of support and continued fall of the pair in the area below the level of 1.0805.


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