Currency pair Euro/Dollar EUR/USD continues to move as part of the bullish correction and the bearish channel. Moving averages indicate the presence of a short-term downtrend for the pair, prices are again testing the area between the lines, which can provoke another drop in quotes. In general, the current trend continues for a rather long period of time and remains still strong. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1007. 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 1.0785.
EUR/USD Forecast Euro Dollar October 11, 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 pair will be a strong growth and the breakdown level of 1.1115. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1265. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below 1.0865.
Among the important news from Europe and America that may have an impact on the EUR/USD pair, it is worth highlighting: European Central Bank (ECB) President Draghi Speech.
EUR/USD Forecast Euro Dollar October 11, 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 1.0785. 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 1.1115. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1265.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
