EUR/USD Forecast Euro Dollar November 8, 2019


Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the upward channel. Do not exclude the formation of the «Double Top» 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 1.1085. At the moment, we should expect an attempt to grow and test the resistance level near the area of ​​1.1115. 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 1.0950.

EUR/USD Forecast Euro Dollar November 8, 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 a rebound from the lower boundary of the bullish channel. 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 1.1325. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below the level of 1.1035.

EUR/USD Forecast Euro Dollar November 8, 2019

EUR/USD Forecast Euro Dollar November 8, 2019 implies an attempt to correct and test the resistance area near the level of 1.1115. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0950. 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 1.1325.


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