Currency pair Euro/Dollar EUR/USD continues to move as part of the decline and the rising channel. Here the «Double Bottom» reversal pattern is formed. Moving averages indicate a short-term bearish trend for the pair, prices pushed from the area between the signal lines, indicating pressure from the sellers of the Euro. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1012. 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 1.1250.
EUR/USD Forecast Euro Dollar November 29, 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 ascending 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 1.0945. This will indicate a breakdown of the support area and continued decline in the area at the level of 1.0805. Expect acceleration of growth for the EUR/USD pair is with the breakdown of the resistance area and closing above the level of 1.1105, which will indicate the completion of the formation of the «Double Bottom» model.
EUR/USD Forecast Euro Dollar November 29, 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 1.1250. 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 1.0945. 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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