Currency pair Euro/Dollar EUR/USD continues to move in the framework of strong growth. Moving averages indicate the presence of a short-term downtrend for the pair. Prices are already trading above the level of signal lines, indicating strong pressure from the bulls. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1073. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.1050. Further, the rebound and continued growth of the Euro/Dollar currency pair. The potential target of this movement is the area above the level of 1.1275.
EUR/USD Forecast Euro Dollar October 18, 2019
An additional signal in favor of raising the EUR/USD quotes will be a rebound from a broken trend line on the relative strength index (RSI). The second signal will be a test of the lower boundary of the bullish channel. Cancellation of the growth option for the quotes of the Euro/Dollar pair will be a fall and a breakdown of the level of 1.0960. This will indicate a breakdown of the support area and continued decline in the area at the level of 1.0755. Expect growth acceleration for the EUR/USD pair is with the breakdown of the resistance area and closing above the level of 1.1195.
Among the important news from Europe and America that may have an impact on the EUR/USD pair, it is worth highlighting: European Union Leaders Summit.
EUR/USD Forecast Euro Dollar October 18, 2019 implies an attempt to correct and test the support area near the level of 1.1050. Where can we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1275. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in the currency pair. Cancellation of the growth option EUR/USD will be a fall and a breakdown level of 1.0960. This will indicate a breakdown of support and the continuation of the fall of the pair in the area below the level of 1.0755.