Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the upward channel. Moving averages indicate a short-term bullish trend for the pair, prices were able to push off the signal lines, which indicates strong pressure from buyers. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1161. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.1065. 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 1.1335.
EUR/USD Forecast Euro Dollar November 5, 2019
An additional signal in favor of raising the EUR/USD quotes will be a rebound from the ascending trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the head and shoulders reversal pattern. Cancellation of the growth option for the quotes of the Euro/Dollar pair will be a fall and a breakdown of the level of 1.0975. This will indicate a breakdown of the support area and continued decline in the area at the level of 1.0755. Expect acceleration of growth for the EUR/USD pair is with the breakdown of the resistance area and closing above the level of 1.1225.
Among the important news from Europe and America that may affect the EUR/USD pair rate, it is worth highlighting: ISM United States Non-Manufacturing Purchasing Managers Index (PMI, United States JOLTS Job Openings.
EUR/USD Forecast Euro Dollar November 5, 2019 implies an attempt to correct and test the support area near the level of 1.1065. Where can we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1335. 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 1.0975. This will indicate a breakdown of support and the continuation of the fall of the pair in the area below the level of 1.0755.