Currency pair Euro/Dollar EUR/USD continues to move as part of the decline and the bearish channel. Moving averages indicate a short-term bearish trend for the pair, prices continue to push from the area between the lines, which indicates pressure from the bears. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0896. At the moment, we should expect an attempt to correct and test the resistance level near the area of 1.0945. 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 1.0795.
EUR/USD Forecast Euro Dollar October 2, 2019
An additional signal in favor of lowering EUR/USD quotes will be a rebound from a broken trend line on the relative strength index (RSI), as we see, the values of the indicator will continue to repulse from such a line. 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 currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1105. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1145. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below 1.0845.
Among the important news from Europe and America that may affect the rate of the EUR/USD pair, it is worth highlighting: ADP (ADP United States Nonfarm Employment Change).
EUR/USD Forecast Euro Dollar October 2, 2019 implies an attempt to correct and test the resistance area near the level of 1.0945. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0795. In favor of reducing the currency pair, a test of a downward trend line on the relative strength index (RSI) will come out. Cancellation of the fall of the EUR/USD instrument will be a strong growth and the breakdown level of 1.1105. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1145.
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