Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the bearish channel. Moving averages indicate the presence of a short-term downtrend for the pair. In general, the current trend continues for a rather long time period and remains strong. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0978. At the moment, we should expect an attempt to correct and test the resistance level near the area of 1.1025. 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 1.0745.
EUR/USD Forecast Euro Dollar October 10, 2019
An additional signal in favor of reducing the EUR/USD quotes will be a rebound from a downward trend line on the relative strength index (RSI). The second signal will be a test of the upper boundary of the bearish channel. Cancellation of the option to reduce the quotes of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.1075. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1245. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below 1.0865.
EUR/USD Forecast Euro Dollar October 10, 2019 implies an attempt to correct and test the resistance area near the level of 1.1025. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0745. In favor of reducing the currency pair, a test of a downward trend line on the indicator 1.1075 strength will come out. Cancellation of the option of falling EUR/USD will be a strong growth and the breakdown level of 1.1070. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1245.
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