Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the upward channel. Moving averages indicate the presence of a short-term bullish trend for the pair, prices again returned to the area between the signal lines, indicating a likely upward rebound from current levels. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1091. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.1145. Further, the rebound and continued fall of the Euro/Dollar currency pair. The potential target of this movement is the area below the level of 1.0875.
EUR/USD Forecast Euro Dollar November 6, 2019
An additional signal in favor of falling EUR/USD quotes will be a rebound from a broken 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 option of falling quotes of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1195. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1305. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below the level of 1.1045.
Among the important news from Europe and America that may have an impact on the EUR/USD pair, it is worth highlighting: European Union Retail Sales m/m.
EUR/USD Forecast Euro Dollar November 6, 2019 involves an attempt to correct and test the resistance area near the level of 1.1145. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0875. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the option of falling EUR/USD will be a strong growth and the breakdown level of 1.1195. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1305.