Currency pair Euro/Dollar EUR/USD continues to move in the framework of strong growth and a downward channel. Moving averages indicate a short-term bearish trend for the pair. However, prices have broken through the area between the signal lines upward, 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 1.1821. As part of the Forex forecast for November 6, 2020, we should expect an attempt at a bullish correction and a test of the resistance level near the 1.1835 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 6, 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 descending channel. 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 1.1925. This will indicate a breakdown of the resistance area and a continued rise to the area at the level of 1.2155. Expect confirmation of a fall in the EUR/USD currency pair with the breakdown of the support area and closing prices below 1.1745.
Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: Change in the number of people employed in the US non-agricultural sector (United States Nonfarm Payrolls).
EUR/USD Forecast Euro Dollar November 6, 2020 assumes the development of a correction and a test of the resistance area near the level of 1.1835. 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 1.1925. 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 1.2155.
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